Elements and Performance Criteria
- Monitor and collect information on risk factors
- Analyse data collected
- The reliability and validity of the data is established
- Risk factors associated with a product are assessed against known exposure factors
- All information collected on risk factors for a product is analysed using appropriate methods and documented
- Need for additional information in order to further evaluate the risk is identified, collected and analysed
- Determine risk rating for product
- Acceptability of risk is determined using all available information in accordance with organisation policy and procedures and underwriting guidelines
- Risk rating that minimises risk liability is established within delegated authority
- The basis for the risk rating decision is documented
- Compliance with relevant legislation and organisation policy is considered
- Risk rating information is documented in a format that may be used to guide underwriting and product/policy amendment decisions
- Communicate results to appropriate personnel