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Evidence Guide: FNSISV502A - 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

 

FNSISV502A - 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. Identified key performance data is collated and checked for accuracy
  2. Data is reviewed against planned outcomes and prior record
  3. Analysis is conducted to establish whether planned outcomes have been achieved
  4. Variations in performance are assessed to determine whether remedial action is required
  5. Performance is benchmarked
Identified key performance data is collated and checked for accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data is reviewed against planned outcomes and prior record

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analysis is conducted to establish whether planned outcomes have been achieved

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Variations in performance are assessed to determine whether remedial action is required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Performance is benchmarked

Completed
Date:

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Identify performance problems and remedial action

  1. Performance problems are identified from available information
  2. Unusual circumstances are referred for strategic analysis as required
  3. Further analysis is undertaken in order to identify improvement measures
Performance problems are identified from available information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Unusual circumstances are referred for strategic analysis as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Further analysis is undertaken in order to identify improvement measures

Completed
Date:

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Document/determine and implement remedial action

  1. Existing authorities and acceptance criteria are reviewed to assess if amendments are needed
  2. Action plans to match performance with portfolio profile are prepared within guidelines and established authorities
  3. Action plans are implemented
Existing authorities and acceptance criteria are reviewed to assess if amendments are needed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Action plans to match performance with portfolio profile are prepared within guidelines and established authorities

Completed
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Teacher:		 Evidence:

 

 

 

 

 

 

 

Action plans are implemented

Completed
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Monitor effectiveness of remedial action

  1. Procedures are developed to monitor remedial action
  2. The remedial action is monitored to determine its effectiveness
  3. Results are analysed on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes
Procedures are developed to monitor remedial action

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The remedial action is monitored to determine its effectiveness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Results are analysed 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

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:

interpret and comply with industry sector and all legal obligations and organisation policy and procedures relating to reviewing portfolio performance

use practical understanding and application of the criteria and methodology for conducting a review of portfolio performance

analyse performance related data and propose remedies for problems are critical

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

monitor implementation and progress of measures taken to address portfolio performance

complete relevant documentation and adhere to organisation operating guidelines.

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 organisation 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

highly developed communication skills to:

determine and confirm information, using questioning and active listening as required

relate effectively to customers

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed 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

learning skills to maintain knowledge of changes to compliance legislation and requirements

problem solving skills to identify any issues that have the potential to impact on work outcomes and to develop options to resolve these issues when they arise

self-management skills for complying with ethical, legal and procedural requirements research and analysis skills for accessing and interpreting relevant information

organisational skills, including the ability to plan and sequence work

Required knowledge

industry market position relative to product/line of business

industry sector compliance requirements such as the General Insurance Code of Practice

interim cover as it relates to expiry of contracts and cancellations (Insurance Contracts Act. ss. 38, 58)

OHS legislation per industry

organisation or industry sector policy wording

organisation policy, procedures, underwriting guidelines and authorities (e.g. best underwriting and loss control guides)

reinsurance, treaty and facultative

relative industry hazards

relevant common law, legal systems and procedures including:

Insurance Contracts Act

Trade Practices Act

Financial Services Reform Act (FSRA)

Corporations Act

risk prevention methods and application

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.

Performance data may include:

benchmarking against predetermined objectives and/or internal and external business units

claims loss ratio data

density of portfolio per area

general knowledge

number and extent of losses

publications (industry associations and trade journals)

revenue accounts

statistics

stock exchange.

Analysis techniques may include:

a comparative study of variation trends and loss ratios

frequently occurring risks

one-off events or catastrophes.

Procedures may include:

monitoring preferred acceptance criteria

quality assurance testing.