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Evidence Guide: FNSISV301 - Evaluate risk for renewal business

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

 

FNSISV301 - Evaluate risk for renewal business

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

Obtain information on risk

  1. Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required
  2. Identify claims on risk
  3. Gather information on customer history, if applicable
  4. Commission surveys or reports, if applicable to risk
  5. Use exception reporting, if applicable
  6. Adhere to legislative and compliance requirements in all cases
Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify claims on risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather information on customer history, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Commission surveys or reports, if applicable to risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use exception reporting, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adhere to legislative and compliance requirements in all cases

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review risk information

  1. Review information to determine its relevance and reliability
  2. Check and document any claims on risk
  3. Check compliance with risk management conditions
Review information to determine its relevance and reliability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check and document any claims on risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check compliance with risk management conditions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess information against established risk criteria

  1. Check risk acceptance criteria, including net retentions, for any changes over past period
  2. Compare and assess risk information against risk acceptance criteria and procedures
  3. Liaise with other internal departments to assess impact on business, if applicable
  4. Document risk assessment data according to organisational policy and procedures
Check risk acceptance criteria, including net retentions, for any changes over past period

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare and assess risk information against risk acceptance criteria and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Liaise with other internal departments to assess impact on business, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document risk assessment data according to organisational policy and procedures

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. Obtain information on risk

1.1 Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required

1.2 Identify claims on risk

1.3 Gather information on customer history, if applicable

1.4 Commission surveys or reports, if applicable to risk

1.5 Use exception reporting, if applicable

1.6 Adhere to legislative and compliance requirements in all cases

2. Review risk information

2.1 Review information to determine its relevance and reliability

2.2 Check and document any claims on risk

2.3 Check compliance with risk management conditions

3. Assess information against established risk criteria

3.1 Check risk acceptance criteria, including net retentions, for any changes over past period

3.2 Compare and assess risk information against risk acceptance criteria and procedures

3.3 Liaise with other internal departments to assess impact on business, if applicable

3.4 Document risk assessment data according to organisational policy and procedures

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. Obtain information on risk

1.1 Gather information in accordance with organisational guidelines on changes in risk since initial acceptance, if required

1.2 Identify claims on risk

1.3 Gather information on customer history, if applicable

1.4 Commission surveys or reports, if applicable to risk

1.5 Use exception reporting, if applicable

1.6 Adhere to legislative and compliance requirements in all cases

2. Review risk information

2.1 Review information to determine its relevance and reliability

2.2 Check and document any claims on risk

2.3 Check compliance with risk management conditions

3. Assess information against established risk criteria

3.1 Check risk acceptance criteria, including net retentions, for any changes over past period

3.2 Compare and assess risk information against risk acceptance criteria and procedures

3.3 Liaise with other internal departments to assess impact on business, if applicable

3.4 Document risk assessment data according to organisational policy and procedures

Evidence of the ability to:

identify and evaluate risks for renewal business following relevant legal obligations and organisational procedures

maintain and apply knowledge of relevant organisational products and services

investigate risk as it relates to renewal business in accordance with underwriting and organisational guidelines

accurately document risk assessment data in accordance with organisational procedures and relevant underwriting guidelines.

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:

define organisational or industry sector policy wording

identify organisational policy, procedures, underwriting guidelines and authorities

explain key features of organisational products

identify key features of relevant legislation, regulatory guidelines and industry sector codes of practice relating to risk in business renewal

outline interim cover as it relates to expiry of contracts and cancellations

outline reinsurance, treaty and facultative policies

identify risk prevention methods and application.