Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify significant risk changes impacting on client portfolio

1.1 Monitor client requests for program changes to identify significant variations

1.2 Monitor and analyse external environment against client program to identify major changes to level of risk exposure

1.3 Undertake objective risk assessment in compliance with guidelines to identify changes to existing level of client exposure

1.4 Seek specialist advice as required

Analyse similar situations to identify precedents that will assist in analysis of complex risk portfolio

1.6 Maintain comprehensive records of risk assessed and actions taken

2. Advise client on changes to insurance program

2.1 Provide advice based on objective assessment of situation that takes into account changes in risk context and external environment

2.2 Present alternative risk management strategies to provide client with viable options for risk treatment

2.3 Undertake a cost–benefit analysis of options where appropriate

2.4 Obtain client declarations as required by underwriter/s

2.5 Identify, record and verify client’s preferred options

3. Negotiate complex changes and/or renewals with insurers

3.1 Identify suitable market for client requirements and approach selected insurers

3.2 Obtain client instructions for negotiated outcomes with insurers

3.3 Negotiate options and alternative portfolio structures with insurers to obtain most suitable program for client

3.4 Obtain negotiated outcomes that provide level of cover required by client

4. Obtain client instructions for renewal

4.1 Advise client of outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives

4.2 Explain benefits and disadvantages of available options clearly to client

4.3 Make fully justified recommendations

4.4 Clarify and document client instructions

4.5 Forward renewal notices to client at least fourteen days prior to policy expiry, according to organisational requirements

Skill 

Performance Criteria 

Description 

Reading

1.2, 1.3, 1.6, 3.1,

• Organises, interprets and critiques material from a range of sources and identifies relevant and key information

Writing

1.6, 3.3, 4.1-4.4

• Develops material for a specific audience using clear and detailed language to convey explicit information, requirements and recommendations
• Collates and analyses client risk and claims history

Oral Communication

2.1, 2.2, 3.3, 4.1-4.4

• Participates in verbal exchanges using tone and language suitable to the audience
• Employs listening and questioning techniques to confirm understanding

Numeracy

1.3, 1.5, 2.3

• Undertakes data analysis and performs accurate mathematical calculations to undertake risk assessment and cost–benefit analysis

Navigate the world of work

1.3, 2.4, 3.2, 4.5

• Takes full responsibility for ensuring that documentation and advice comply with relevant legislative requirements and organisational procedures

Interact with others

1.4, 2.1, 2.2, 2.4, 2.5, 3.2, 3.3

• Selects and uses appropriate conventions and protocols to liaise with client and others in a range of work contexts
• Recognises and accommodates the particular needs, values, beliefs and cultural expectations of others
• Uses collaborative techniques to negotiate agreed outcomes

Get the work done

1.1-1.6, 2.1-2.5, 3.1-3.4, 4.1-4.5

• Accepts responsibility for planning and sequencing complex tasks and workload to meet service requirements
• Systematically gathers and analyses all relevant information and evaluates options to make recommendations
• Uses digital technologies to access, enter and store information required to complete work tasks

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSIBK514 Manage a complex risk portfolio for a broking client

FNSIBK510A Assess and negotiate complex risk portfolio for broking client at renewal FNSIBK509A Identify and advise on significant risk changes to broking client insurances

Revised unit covers FNSIBK509A and FNSIBK510A

No equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.