Manage compliance requirements for an insurance broking business

Formats and tools

Unit Description
Reconstruct the unit from the xml and display it as an HTML page.
Assessment Tool
an assessor resource that builds a framework for writing an assessment tool
Assessment Template
generate a spreadsheet for marking this unit in a classroom environment. Put student names in the top row and check them off as they demonstrate competenece for each of the unit's elements and performance criteria.
Assessment Matrix
a slightly different format than the assessment template. A spreadsheet with unit names, elements and performance criteria in separate columns. Put assessment names in column headings to track which performance criteria each one covers. Good for ensuring that you've covered every one of the performance criteria with your assessment instrument (all assessement tools together).
Wiki Markup
mark up the unit in a wiki markup codes, ready to copy and paste into a wiki page. The output will work in most wikis but is designed to work particularly well as a Wikiversity learning project.
Evidence Guide
create an evidence guide for workplace assessment and RPL applicants
Competency Mapping Template
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners. A template for developing assessments for a unit, which will help you to create valid, fair and reliable assessments for the unit, ready to give to trainers and students
Observation Checklist
create an observation checklist for workplace assessment and RPL applicants. This is similar to the evidence guide above, but a little shorter and friendlier on your printer. You will also need to create a seperate Assessor Marking Guide for guidelines on gathering evidence and a list of key points for each activity observed using the unit's range statement, required skills and evidence required (see the unit's html page for details)

Self Assessment Survey
A form for students to assess thier current skill levels against each of the unit's performance criteria. Cut and paste into a web document or print and distribute in hard copy.
Moodle Outcomes
Create a csv file of the unit's performance criteria to import into a moodle course as outcomes, ready to associate with each of your assignments. Here's a quick 'how to' for importing these into moodle 2.x
Registered Training Organisations
Trying to find someone to train or assess you? This link lists all the RTOs that are currently registered to deliver FNSIBK606, 'Manage compliance requirements for an insurance broking business'.
Google Links
links to google searches, with filtering in place to maximise the usefulness of the returned results
Books
Reference books for 'Manage compliance requirements for an insurance broking business' on fishpond.com.au. This online store has a huge range of books, pretty reasonable prices, free delivery in Australia *and* they give a small commission to ntisthis.com for every purchase, so go nuts :)


Elements and Performance Criteria

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


Qualifications and Skillsets

FNSIBK606 appears in the following qualifications:

  • FNS60110 - Advanced Diploma of Insurance Broking
  • FNS60115 - Advanced Diploma of Insurance Broking