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Evidence Guide: FNSIBK514 - Manage a complex risk portfolio for a 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

 

FNSIBK514 - Manage a complex risk portfolio for a broking client

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

Identify significant risk changes impacting on client portfolio

  1. Monitor client requests for program changes to identify significant variations
  2. Monitor and analyse external environment against client program to identify major changes to level of risk exposure
  3. Undertake objective risk assessment in compliance with guidelines to identify changes to existing level of client exposure
  4. Seek specialist advice as required
Monitor client requests for program changes to identify significant variations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and analyse external environment against client program to identify major changes to level of risk exposure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake objective risk assessment in compliance with guidelines to identify changes to existing level of client exposure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek specialist advice as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse similar situations to identify precedents that will assist in analysis of complex risk portfolio

  1. Maintain comprehensive records of risk assessed and actions taken
Maintain comprehensive records of risk assessed and actions taken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client on changes to insurance program

  1. Provide advice based on objective assessment of situation that takes into account changes in risk context and external environment
  2. Present alternative risk management strategies to provide client with viable options for risk treatment
  3. Undertake a cost–benefit analysis of options where appropriate
  4. Obtain client declarations as required by underwriter/s
  5. Identify, record and verify client’s preferred options
Provide advice based on objective assessment of situation that takes into account changes in risk context and external environment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present alternative risk management strategies to provide client with viable options for risk treatment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake a cost–benefit analysis of options where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client declarations as required by underwriter/s

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, record and verify client’s preferred options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate complex changes and/or renewals with insurers

  1. Identify suitable market for client requirements and approach selected insurers
  2. Obtain client instructions for negotiated outcomes with insurers
  3. Negotiate options and alternative portfolio structures with insurers to obtain most suitable program for client
  4. Obtain negotiated outcomes that provide level of cover required by client
Identify suitable market for client requirements and approach selected insurers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client instructions for negotiated outcomes with insurers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate options and alternative portfolio structures with insurers to obtain most suitable program for client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain negotiated outcomes that provide level of cover required by client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain client instructions for renewal

  1. Advise client of outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives
  2. Explain benefits and disadvantages of available options clearly to client
  3. Make fully justified recommendations
  4. Clarify and document client instructions
  5. Forward renewal notices to client at least fourteen days prior to policy expiry, according to organisational requirements
Advise client of outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain benefits and disadvantages of available options clearly to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make fully justified recommendations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify and document client instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Forward renewal notices to client at least fourteen days prior to policy expiry, according to organisational requirements

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. Identify significant risk changes impacting on client portfolio

1.1 Monitor client requests for program changes to identify significant variations

1.2 Monitor and analyse external environment against client program to identify major changes to level of risk exposure

1.3 Undertake objective risk assessment in compliance with guidelines to identify changes to existing level of client exposure

1.4 Seek specialist advice as required

Analyse similar situations to identify precedents that will assist in analysis of complex risk portfolio

1.6 Maintain comprehensive records of risk assessed and actions taken

2. Advise client on changes to insurance program

2.1 Provide advice based on objective assessment of situation that takes into account changes in risk context and external environment

2.2 Present alternative risk management strategies to provide client with viable options for risk treatment

2.3 Undertake a cost–benefit analysis of options where appropriate

2.4 Obtain client declarations as required by underwriter/s

2.5 Identify, record and verify client’s preferred options

3. Negotiate complex changes and/or renewals with insurers

3.1 Identify suitable market for client requirements and approach selected insurers

3.2 Obtain client instructions for negotiated outcomes with insurers

3.3 Negotiate options and alternative portfolio structures with insurers to obtain most suitable program for client

3.4 Obtain negotiated outcomes that provide level of cover required by client

4. Obtain client instructions for renewal

4.1 Advise client of outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives

4.2 Explain benefits and disadvantages of available options clearly to client

4.3 Make fully justified recommendations

4.4 Clarify and document client instructions

4.5 Forward renewal notices to client at least fourteen days prior to policy expiry, according to organisational requirements

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. Identify significant risk changes impacting on client portfolio

1.1 Monitor client requests for program changes to identify significant variations

1.2 Monitor and analyse external environment against client program to identify major changes to level of risk exposure

1.3 Undertake objective risk assessment in compliance with guidelines to identify changes to existing level of client exposure

1.4 Seek specialist advice as required

Analyse similar situations to identify precedents that will assist in analysis of complex risk portfolio

1.6 Maintain comprehensive records of risk assessed and actions taken

2. Advise client on changes to insurance program

2.1 Provide advice based on objective assessment of situation that takes into account changes in risk context and external environment

2.2 Present alternative risk management strategies to provide client with viable options for risk treatment

2.3 Undertake a cost–benefit analysis of options where appropriate

2.4 Obtain client declarations as required by underwriter/s

2.5 Identify, record and verify client’s preferred options

3. Negotiate complex changes and/or renewals with insurers

3.1 Identify suitable market for client requirements and approach selected insurers

3.2 Obtain client instructions for negotiated outcomes with insurers

3.3 Negotiate options and alternative portfolio structures with insurers to obtain most suitable program for client

3.4 Obtain negotiated outcomes that provide level of cover required by client

4. Obtain client instructions for renewal

4.1 Advise client of outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives

4.2 Explain benefits and disadvantages of available options clearly to client

4.3 Make fully justified recommendations

4.4 Clarify and document client instructions

4.5 Forward renewal notices to client at least fourteen days prior to policy expiry, according to organisational requirements

Evidence of the ability to:

synthesise and coordinate knowledge of the industry to monitor the need for new products or changes to product needs of clients

undertake client interviews, gather information and analyse options, based on risk assessment methodologies, for presentation to the client

undertake an assessment of a complex risk portfolio and identify gaps in losses and claims to be addressed

conduct cost–benefit analysis, review of insurance benefits, credit stability assessments, review of claims history and level of supplier service

negotiate effectively with insurers to obtain appropriate and optimal outcomes for the client

obtain and document client instructions for renewal.

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:

outline methods of analysis of the client’s industry structure and trends

explain the application of relevant legislation and compliance requirements on client management procedures

explain application of company policy, procedures and authorities in developing management plans for clients with complex portfolios and risks

illustrate cost–benefit analysis in the management of complex client portfolios or those with significant risk changes

explain methods for analysing policy wordings

explain the key marketing principles and practices that are applied to the management of complex client portfolios

provide an example of the application of risk assessment and risk management strategies in developing risk management plans for clients with complex risks.