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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Evaluate ethical standards and issues impacting on business and professional goals
   • Research legal and ethical framework against which professional practices are to be reviewed
   • Identify emerging trends and developments in corporate governance and accountabilities that may impact on insurance broking sector
   • Monitor brokerage work practices to identify compliance with relevant legislation and issues likely to impact on business directions
   • Review internal service standards, policies and operations within brokerage
   • Assess brokerage performance against industry standards, compliance obligations and internal business standards
   • Evaluate findings to identify areas within brokerage where ethical standards are required or modifications to existing standards needed.
2. Set future goals and strategies to achieve ethical standard outcomes
   • Determine goals and directions for ethical standards in brokerage
   • Identify strategies and practices to achieve ethical standards outcomes
   • Establish measures of service performance that provide accurate and accessible information on ethics as part of service provision
3. Develop implementation plan for ethical standards
   • Review resources to achieve ethical broking goals
   • Identify resources required to implement strategies
   • Identify performance measures to determine if planned outcomes are achieved and to identify variations to plan
   • Establish monitoring system to track compliance with ethical standards
4. Analyse own professional practice
   • Benchmark own performance against recognised industry standards for professional practice
   • Analyse personal business practices, systems and resources to determine effectiveness and areas for improvement
   • Identify issues likely to impact on ability to provide service delivery ethically and likely impact on professional practice goals
   • Define ethical practice goals and strategies to achieve them

Performance Evidence

Evidence of the ability to:

conduct high level analysis to define the ethical framework for professional insurance brokers

conduct a detailed review of current ethical work practices within the organisation against suitable benchmark measures

develop an implementation plan to achieve identified practice that includes performance measures

critically analyse own work practices, and identify strategies and practices to maintain high ethical standards in own broking role.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must :

describe research activities designed to identify and analyse information on ethical standards, legal requirements and industry codes relevant to the insurance broking sector

outline leadership strategies that can be applied to the practical application of ethical standards in insurance broking

explain the process of benchmarking to monitor, review, analyse and diagnose ethical business practice

explain the application of conceptual thinking and reasoning skills in identifying ethical acceptable and unacceptable practices

outline use of change management and innovation techniques to identify useful strategies to implement ethical standards.

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