Unit of competency
Modification History
Release |
Comments |
Release 2 |
This version first released with FNS Financial Services Training Package Version 1.1. Release 2 created to correct mapping information |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1 |
Application
This unit describes skills and knowledge required to apply industry and organisational procedures, guidelines, policy and standards in a daily work context within an insurance broking business to meet compliance requirements in line with industry regulations and legislation.
It applies to individuals who use learning opportunities to maintain and transfer knowledge into practice to carry out roles in organisations of various sizes and across a range of customer bases.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Insurance broking
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Manage information |
1.1 Collect and analyse information on relevant legislation, regulations and codes of practice and other relevant industry guidelines and standards 1.2 Maintain and observe an up-to-date checklist of legislative and regulatory operational requirements 1.3 Update reference material on a regular basis as amendments to legislative and regulatory requirements occur |
2. Apply professional work practices |
2.1 Clarify and refine work practices regularly in light of up-to-date information on relevant legislation, regulations and codes of practice 2.2 Apply knowledge of organisational philosophy, values, standards and objectives to work practices 2.3 Use relevant codes of practice to guide an ethical approach to workplace practice and decisions 2.4 Obtain assistance from appropriate personnel to clarify work practices and obtain relevant information whenever necessary |
3. Meet brokerage work requirements |
3.1 Follow established work health and safety procedures, and contribute to eliminating work hazards and reducing risk in work environment 3.2 Use information management systems and software appropriately to complete work tasks 3.3 Participate in and facilitate work team activities 3.4 Plan work to be completed taking into consideration time, resources and other constraints 3.5 Develop and maintain personal competency in job role 3.6 Apply sustainability principles to work practices in accordance with organisational policy |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Learning |
1.1-1.3, 3.5 |
|
Reading |
1.1-1.3, 2.3 |
|
Writing |
1.2, 1.3 |
|
Oral Communication |
3.3 |
|
Navigate the world of work |
1.1-1.3, 3.1, 3.6 |
|
Interact with others |
2.4, 3.3 |
|
Get the work done |
2.1-2.4, 3.1-3.6 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSIBK405 Meet industry and legislative guidelines and organisational procedures relating to insurance broking |
FNSIBK405A Meet industry and legislative guidelines and organisational procedures relating to insurance broking |
Updated to meet Standards for Training Packages. Industry updates Wording changes to elements and performance criteria to clarify intent and to better reflect industry practice |
No equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe