NTISthis.com

Evidence Guide: FNSIBK607 - Lead ethical work practices in an insurance brokerage

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

 

FNSIBK607 - Lead ethical work practices in an insurance brokerage

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

Evaluate ethical standards and issues impacting on business and professional goals

  1. Research legal and ethical framework against which professional practices are to be reviewed
  2. Identify emerging trends and developments in corporate governance and accountabilities that may impact on insurance broking sector
  3. Monitor brokerage work practices to identify compliance with relevant legislation and issues likely to impact on business directions
  4. Review internal service standards, policies and operations within brokerage
  5. Assess brokerage performance against industry standards, compliance obligations and internal business standards
  6. Evaluate findings to identify areas within brokerage where ethical standards are required or modifications to existing standards needed.
Research legal and ethical framework against which professional practices are to be reviewed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify emerging trends and developments in corporate governance and accountabilities that may impact on insurance broking sector

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor brokerage work practices to identify compliance with relevant legislation and issues likely to impact on business directions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review internal service standards, policies and operations within brokerage

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess brokerage performance against industry standards, compliance obligations and internal business standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate findings to identify areas within brokerage where ethical standards are required or modifications to existing standards needed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Set future goals and strategies to achieve ethical standard outcomes

  1. Determine goals and directions for ethical standards in brokerage
  2. Identify strategies and practices to achieve ethical standards outcomes
  3. Establish measures of service performance that provide accurate and accessible information on ethics as part of service provision
Determine goals and directions for ethical standards in brokerage

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify strategies and practices to achieve ethical standards outcomes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish measures of service performance that provide accurate and accessible information on ethics as part of service provision

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop implementation plan for ethical standards

  1. Review resources to achieve ethical broking goals
  2. Identify resources required to implement strategies
  3. Identify performance measures to determine if planned outcomes are achieved and to identify variations to plan
  4. Establish monitoring system to track compliance with ethical standards
Review resources to achieve ethical broking goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify resources required to implement strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify performance measures to determine if planned outcomes are achieved and to identify variations to plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish monitoring system to track compliance with ethical standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse own professional practice

  1. Benchmark own performance against recognised industry standards for professional practice
  2. Analyse personal business practices, systems and resources to determine effectiveness and areas for improvement
  3. Identify issues likely to impact on ability to provide service delivery ethically and likely impact on professional practice goals
  4. Define ethical practice goals and strategies to achieve them
Benchmark own performance against recognised industry standards for professional practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse personal business practices, systems and resources to determine effectiveness and areas for improvement

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify issues likely to impact on ability to provide service delivery ethically and likely impact on professional practice goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Define ethical practice goals and strategies to achieve them

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. Evaluate ethical standards and issues impacting on business and professional goals

1.1 Research legal and ethical framework against which professional practices are to be reviewed

1.2 Identify emerging trends and developments in corporate governance and accountabilities that may impact on insurance broking sector

1.3 Monitor brokerage work practices to identify compliance with relevant legislation and issues likely to impact on business directions

1.4 Review internal service standards, policies and operations within brokerage

1.5 Assess brokerage performance against industry standards, compliance obligations and internal business standards

1.6 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

2.1 Determine goals and directions for ethical standards in brokerage

2.2 Identify strategies and practices to achieve ethical standards outcomes

2.3 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

3.1 Review resources to achieve ethical broking goals

3.2 Identify resources required to implement strategies

3.3 Identify performance measures to determine if planned outcomes are achieved and to identify variations to plan

3.4 Establish monitoring system to track compliance with ethical standards

4. Analyse own professional practice

4.1 Benchmark own performance against recognised industry standards for professional practice

4.2 Analyse personal business practices, systems and resources to determine effectiveness and areas for improvement

4.3 Identify issues likely to impact on ability to provide service delivery ethically and likely impact on professional practice goals

4.4 Define ethical practice goals and strategies to achieve them

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. Evaluate ethical standards and issues impacting on business and professional goals

1.1 Research legal and ethical framework against which professional practices are to be reviewed

1.2 Identify emerging trends and developments in corporate governance and accountabilities that may impact on insurance broking sector

1.3 Monitor brokerage work practices to identify compliance with relevant legislation and issues likely to impact on business directions

1.4 Review internal service standards, policies and operations within brokerage

1.5 Assess brokerage performance against industry standards, compliance obligations and internal business standards

1.6 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

2.1 Determine goals and directions for ethical standards in brokerage

2.2 Identify strategies and practices to achieve ethical standards outcomes

2.3 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

3.1 Review resources to achieve ethical broking goals

3.2 Identify resources required to implement strategies

3.3 Identify performance measures to determine if planned outcomes are achieved and to identify variations to plan

3.4 Establish monitoring system to track compliance with ethical standards

4. Analyse own professional practice

4.1 Benchmark own performance against recognised industry standards for professional practice

4.2 Analyse personal business practices, systems and resources to determine effectiveness and areas for improvement

4.3 Identify issues likely to impact on ability to provide service delivery ethically and likely impact on professional practice goals

4.4 Define ethical practice goals and strategies to achieve them

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.

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.