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Evidence Guide: FNSIBK606 - Manage compliance requirements for an insurance broking business

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

 

FNSIBK606 - Manage compliance requirements for an insurance broking business

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

Identify compliance requirements

  1. Identify and document statutory, legislative and regulatory requirements relevant to brokerage
  2. Identify and analyse compliance requirements for implementation
  3. Maintain up-to-date checklist which includes reporting requirements, time limits and all other statutory operational requirements, and ensure it is observed
  4. Identify, regularly update and collate accurate, reliable and up-to-date information on compliance requirements in form suitable for analysis
Identify and document statutory, legislative and regulatory requirements relevant to brokerage

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and analyse compliance requirements for implementation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate compliance factors and assess inherent risk

  1. Identify impact of requirements on brokerage
  2. Identify and evaluate non-compliance likelihood and intensity in key risk areas in brokerage
  3. Evaluate compliance risk factors within context of organisation’s mitigating capabilities
Identify impact of requirements on brokerage

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish compliance strategies

  1. Identify compliance strategy and implementation stakeholder parties
  2. Identify methods of systematising compliance strategy
  3. Review cost–benefit variances of proposed compliance strategy
  4. Identify and review existing strategies
  5. Identify and assess alternate strategies in consultation with stakeholders
  6. Select most appropriate strategy to ensure continued compliance
Identify compliance strategy and implementation stakeholder parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify methods of systematising compliance strategy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review cost–benefit variances of proposed compliance strategy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and review existing strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and assess alternate strategies in consultation with stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select most appropriate strategy to ensure continued compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish resource requirements for compliance purposes

  1. Identify and source technical resources required for compliance purposes
  2. Determine personnel requirements for operation of compliance program and assign or recruit appropriate staff where required
  3. Identify and document compliance requirements for each role in organisation
  4. Identify minimum training standards for all personnel and develop training program in conjunction with appropriate personnel
  5. Implement staff supervision and monitoring processes to ensure staff compliance with requirements
Identify and source technical resources required for compliance purposes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and document compliance requirements for each role in organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement and maintain compliance systems

  1. Ensure regulatory requirements are incorporated into operational procedures
  2. Develop documentation and communication systems that ensure compliance
  3. Review practices and procedures to ensure compliance
  4. Identify non-compliance practices and adopt corrective measures
  5. Identify and promptly attend to irregularities, non-compliance and breaches
  6. Consult staff to test integrity of systems
  7. Identify areas for improvement to systems through consultation with staff and make recommendations to personnel as appropriate
  8. Document process for reporting of breaches of laws and regulations
  9. Ensure all documentation, operational and communication systems are implemented and checked for viability
  10. Integrate new compliance requirements into work systems as required
Ensure regulatory requirements are incorporated into operational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop documentation and communication systems that ensure compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review practices and procedures to ensure compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify non-compliance practices and adopt corrective measures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult staff to test integrity of systems

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document process for reporting of breaches of laws and regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Integrate new compliance requirements into work systems as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure statutory reporting requirements are met

  1. Identify reporting requirements and establish reporting timeframes
  2. Ensure that organisational guidelines for preparing statutory reports are accessed and made available to relevant staff
  3. Prepare statutory reports according to organisational guidelines and statutory requirements
  4. Check statutory reports for compliance
  5. Confirm submission of statutory reports with appropriate parties
Identify reporting requirements and establish reporting timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare statutory reports according to organisational guidelines and statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check statutory reports for compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm submission of statutory reports with appropriate parties

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 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

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 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.