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Evidence Guide: FNSISV502 - Review operational performance of the portfolio

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

 

FNSISV502 - Review operational performance of the portfolio

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

Analyse performance data

  1. Collate and check identified key performance data for accuracy
  2. Review data against planned outcomes and prior record
  3. Conduct analysis to establish whether planned outcomes have been achieved
  4. Assess variations in performance to determine whether remedial action is required
  5. Benchmark performance
Collate and check identified key performance data for accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review data against planned outcomes and prior record

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct analysis to establish whether planned outcomes have been achieved

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess variations in performance to determine whether remedial action is required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Benchmark performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify performance problems and remedial action

  1. Identify performance problems from available information
  2. Refer unusual circumstances for strategic analysis as required
  3. Undertake further analysis to identify improvement measures
Identify performance problems from available information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer unusual circumstances for strategic analysis as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake further analysis to identify improvement measures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document, determine and implement remedial action

  1. Review existing authorities and acceptance criteria to assess if amendments are needed
  2. Prepare action plans to match performance with portfolio profile, within guidelines and established authorities
  3. Implement action plans
Review existing authorities and acceptance criteria to assess if amendments are needed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare action plans to match performance with portfolio profile, within guidelines and established authorities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement action plans

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor effectiveness of remedial action

  1. Develop procedures to monitor remedial action
  2. Monitor remedial action to determine its effectiveness
  3. Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes
Develop procedures to monitor remedial action

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor remedial action to determine its effectiveness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes

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. Analyse performance data

1.1 Collate and check identified key performance data for accuracy

1.2 Review data against planned outcomes and prior record

1.3 Conduct analysis to establish whether planned outcomes have been achieved

1.4 Assess variations in performance to determine whether remedial action is required

1.5 Benchmark performance

2. Identify performance problems and remedial action

2.1 Identify performance problems from available information

2.2 Refer unusual circumstances for strategic analysis as required

2.3 Undertake further analysis to identify improvement measures

3. Document, determine and implement remedial action

3.1 Review existing authorities and acceptance criteria to assess if amendments are needed

3.2 Prepare action plans to match performance with portfolio profile, within guidelines and established authorities

3.3 Implement action plans

4. Monitor effectiveness of remedial action

4.1 Develop procedures to monitor remedial action

4.2 Monitor remedial action to determine its effectiveness

4.3 Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes

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. Analyse performance data

1.1 Collate and check identified key performance data for accuracy

1.2 Review data against planned outcomes and prior record

1.3 Conduct analysis to establish whether planned outcomes have been achieved

1.4 Assess variations in performance to determine whether remedial action is required

1.5 Benchmark performance

2. Identify performance problems and remedial action

2.1 Identify performance problems from available information

2.2 Refer unusual circumstances for strategic analysis as required

2.3 Undertake further analysis to identify improvement measures

3. Document, determine and implement remedial action

3.1 Review existing authorities and acceptance criteria to assess if amendments are needed

3.2 Prepare action plans to match performance with portfolio profile, within guidelines and established authorities

3.3 Implement action plans

4. Monitor effectiveness of remedial action

4.1 Develop procedures to monitor remedial action

4.2 Monitor remedial action to determine its effectiveness

4.3 Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes

Evidence of the ability to:

review portfolio performance by:

accurately interpreting and complying with industry legislative requirements and organisational policy and procedures

applying the criteria and methodology for conducting a review of portfolio performance

analyse performance related data and propose remedies for problems

develop and implement a detailed action plan to address problems in portfolio performance

monitor implementation and progress of measures taken to address portfolio performance

complete relevant documentation and adhere to organisational operating guidelines.

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 the industry market position relative to the product and/or line of business

discuss industry sector compliance requirements such as the insurance codes of practice

explain interim cover as it relates to expiry of contracts and cancellations

identify relevant statutory hazard, health and safety legislation

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline organisational policy, procedures, underwriting guidelines and levels of authority

define the difference between treaty and facultative reinsurance

identify key features of relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

competition and consumer practices

financial services

corporations

explain risk prevention methods and application.