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Evidence Guide: FNSISV401 - Evaluate risk for new 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

 

FNSISV401 - Evaluate risk for new business

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

Identify and obtain risk information

  1. Identify, record and gather all sources of risk information and rectify deficiencies
  2. Review information to determine its relevance and reliability, and the integrity of its source
  3. Format data for easy access
  4. Adhere to legislative and compliance requirements in all cases
Identify, record and gather all sources of risk information and rectify deficiencies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review information to determine its relevance and reliability, and the integrity of its source

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Format data for easy access

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adhere to legislative and compliance requirements in all cases

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess information against established risk acceptance criteria

  1. Assess all relevant risk information to determine if it is comprehensive and pertinent to nature of the risk
  2. Review and commission surveys and/or reports, if applicable to risk
  3. Interpret data on risk exposure from survey report
  4. Compare risk information against risk acceptance criteria and organisational capacity to assess and accept risk according to terms and conditions of risk assessment
  5. Liaise with other internal departments to assess impact on business, if applicable
  6. Review and compare proposed amendments to organisational wording and compare to acceptance criteria
  7. Document risk assessment data according to organisational policy and procedures
Assess all relevant risk information to determine if it is comprehensive and pertinent to nature of the risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and commission surveys and/or reports, if applicable to risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret data on risk exposure from survey report

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare risk information against risk acceptance criteria and organisational capacity to assess and accept risk according to terms and conditions of risk assessment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Liaise with other internal departments to assess impact on business, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and compare proposed amendments to organisational wording and compare to acceptance criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document risk assessment data according to organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issue quotation

  1. Prepare quote based on all risk assessment data
  2. Communicate information regarding quote to relevant personnel if required
Prepare quote based on all risk assessment data

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate information regarding quote to relevant personnel if 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. Identify and obtain risk information

1.1 Identify, record and gather all sources of risk information and rectify deficiencies

1.2 Review information to determine its relevance and reliability, and the integrity of its source

1.3 Format data for easy access

1.4 Adhere to legislative and compliance requirements in all cases

2. Assess information against established risk acceptance criteria

2.1 Assess all relevant risk information to determine if it is comprehensive and pertinent to nature of the risk

2.2 Review and commission surveys and/or reports, if applicable to risk

2.3 Interpret data on risk exposure from survey report

2.4 Compare risk information against risk acceptance criteria and organisational capacity to assess and accept risk according to terms and conditions of risk assessment

2.5 Liaise with other internal departments to assess impact on business, if applicable

2.6 Review and compare proposed amendments to organisational wording and compare to acceptance criteria

2.7 Document risk assessment data according to organisational policy and procedures

3. Issue quotation

3.1 Prepare quote based on all risk assessment data

3.2 Communicate information regarding quote to relevant personnel if 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. Identify and obtain risk information

1.1 Identify, record and gather all sources of risk information and rectify deficiencies

1.2 Review information to determine its relevance and reliability, and the integrity of its source

1.3 Format data for easy access

1.4 Adhere to legislative and compliance requirements in all cases

2. Assess information against established risk acceptance criteria

2.1 Assess all relevant risk information to determine if it is comprehensive and pertinent to nature of the risk

2.2 Review and commission surveys and/or reports, if applicable to risk

2.3 Interpret data on risk exposure from survey report

2.4 Compare risk information against risk acceptance criteria and organisational capacity to assess and accept risk according to terms and conditions of risk assessment

2.5 Liaise with other internal departments to assess impact on business, if applicable

2.6 Review and compare proposed amendments to organisational wording and compare to acceptance criteria

2.7 Document risk assessment data according to organisational policy and procedures

3. Issue quotation

3.1 Prepare quote based on all risk assessment data

3.2 Communicate information regarding quote to relevant personnel if required

Evidence of the ability to:

interpret and comply with all relevant legal obligations and organisational procedures

identify and thoroughly assess risks to develop a suitable insurance quote for a new business

prepare a quote accurately, applying relevant underwriting guidelines

identify and investigate risk as it relates to new business in accordance with underwriting and organisational guidelines

accurately document risk assessment data in accordance with organisational guidelines

identify and apply risk acceptance criteria for insurance products.

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 key features of relevant legislative requirements and industry regulations in the context of insurance risk

describe the potential market share for the product or line of business

explain the importance of wording of insurance policies in line with industry norms

identify key features of organisational policy, procedures, underwriting guidelines and authorities

describe insurance risks associated with organisational products

define the difference between treaty and facultative reinsurance

outline relative industry hazards associated with insurance products

explain the application of relevant common law, legal systems and procedures relating to:

insurance contracts

insurance agents and brokers

competition and consumer practices

describe ‘interim cover’ as it relates to expiry and cancellations of contracts

describe risk prevention methods and application.