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Evidence Guide: FNSISV403 - Survey potential risk exposure

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

 

FNSISV403 - Survey potential risk exposure

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

Determine hazards and exposures

  1. Undertake comprehensive physical examination of risk, including hazard indicators
  2. Interview client and relevant third parties to identify potential risk components
Undertake comprehensive physical examination of risk, including hazard indicators

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interview client and relevant third parties to identify potential risk components

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse level of hazards and exposures

  1. Assess risk type against known exposure factors
  2. Assess risk type for compliance with relevant legislation and organisational policy
  3. Determine acceptability of risk within organisation’s underwriting requirements
  4. Estimate maximum probable loss, where applicable
Assess risk type against known exposure factors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess risk type for compliance with relevant legislation and organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine acceptability of risk within organisation’s underwriting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Estimate maximum probable loss, where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report and recommend on condition of risk exposure

  1. Document condition and improvements according to organisational policy and procedures
  2. Specify and apply loss control measures as condition of risk acceptance and determination of renewal
Document condition and improvements according to organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Specify and apply loss control measures as condition of risk acceptance and determination of renewal

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and review loss control measures

  1. Follow up loss control measures and record according to organisational policy and procedures
  2. Monitor risk improvement against loss control measures
  3. Conduct follow up risk surveys as required
Follow up loss control measures and record according to organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor risk improvement against loss control measures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct follow up risk surveys as required

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. Determine hazards and exposures

1.1 Undertake comprehensive physical examination of risk, including hazard indicators

1.2 Interview client and relevant third parties to identify potential risk components

2. Analyse level of hazards and exposures

2.1 Assess risk type against known exposure factors

2.2 Assess risk type for compliance with relevant legislation and organisational policy

2.3 Determine acceptability of risk within organisation’s underwriting requirements

2.4 Estimate maximum probable loss, where applicable

3. Report and recommend on condition of risk exposure

3.1 Document condition and improvements according to organisational policy and procedures

3.2 Specify and apply loss control measures as condition of risk acceptance and determination of renewal

4. Monitor and review loss control measures

4.1 Follow up loss control measures and record according to organisational policy and procedures

4.2 Monitor risk improvement against loss control measures

4.3 Conduct follow up risk surveys as required

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. Determine hazards and exposures

1.1 Undertake comprehensive physical examination of risk, including hazard indicators

1.2 Interview client and relevant third parties to identify potential risk components

2. Analyse level of hazards and exposures

2.1 Assess risk type against known exposure factors

2.2 Assess risk type for compliance with relevant legislation and organisational policy

2.3 Determine acceptability of risk within organisation’s underwriting requirements

2.4 Estimate maximum probable loss, where applicable

3. Report and recommend on condition of risk exposure

3.1 Document condition and improvements according to organisational policy and procedures

3.2 Specify and apply loss control measures as condition of risk acceptance and determination of renewal

4. Monitor and review loss control measures

4.1 Follow up loss control measures and record according to organisational policy and procedures

4.2 Monitor risk improvement against loss control measures

4.3 Conduct follow up risk surveys as required

Evidence of the ability to:

interpret and comply with all legal obligations and organisational procedures

develop a suitable insurance contract or policy after identifying and thoroughly assessing hazards and exposures to identify risks

conduct comprehensive surveys of potential risk exposure and develop recommendations to control or minimise risk of loss

monitor loss control measures in accordance with underwriter’s guidelines and organisational procedures

monitor risk improvements against loss control measures.

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:

identify and apply relevant legislation, regulatory guidelines and industry sector compliance requirements

explain the calculation of maximum probable loss (MPL)

describe the potential market share for the product or line of business

outline organisational policy, procedures, underwriting guidelines and levels of authority

describe relevant underwriting principles related to insurance products and define the difference between treaty and facultative reinsurance

outline relative industry hazards

identify and describe key features of relevant legislative and compliance requirements

explain risk prevention methods and application

identify relevant statutory hazard, health and safety legislation.