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. Determine risk acceptance criteria

1.1 Establish risk acceptance criteria suitable to type and context of risk within relevant organisational policy

1.2 Use available data to validate risk acceptance criteria

2. Seek information

2.1 Identify and collate accurate, reliable and up-to-date information in format suitable for analysis

3. Negotiate reinsurance for extraordinary risks

3.1 Identify need for, and level of, reinsurance appropriate to risk

3.2 Determine terms of reinsurance from available sources of information and in accordance with organisational policy

3.3 Negotiate reinsurance appropriate to anticipated exposure

4. Determine and advise terms and conditions of acceptance

4.1 Establish terms of acceptance that meet market conditions and organisation’s accepted levels of exposure

4.2 Determine and document terms and conditions, within delegated authority, to meet requirements of relevant underwriting guidelines

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.1, 3.1, 3.2, 4.1

• Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements

Writing

2.1, 4.1, 4.2

• Produces, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information
• Accurately records and completes organisational documents using clear language and correct spelling, grammar and terminology

Oral Communication

2.1, 3.1-3.3, 4.1

• Uses techniques including active listening, use of open-ended questioning and paraphrasing when gathering information
• Uses appropriate language and style to present complex technical information and ideas to the audience

Numeracy

3.3

• Uses mathematical equations to perform calculations to achieve desired outcomes

Navigate the world of work

1.1, 3.2, 4.2

• Recognises and follows legislative and ethical requirements, explicit and implicit protocols, policies and procedures

Interact with others

3.2, 3.3

• Selects and uses appropriate communication conventions and protocols to liaise with others
• Uses collaborative techniques to liaise with others, negotiate outcomes and elicit and share information

Get the work done

2.1, 3.1-3.3, 4.1, 4.2

• Accepts responsibility for planning and sequencing complex tasks and workload
• Applies systematic and analytical decision-making processes in complex or non-routine situations to assess risk levels
• Uses the main features and functions of digital tools to complete work tasks

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSILF501 Assess extraordinary risks

FNSILF501A Assess extraordinary risks

Updated to meet Standards for Training Packages.

Minor rewording to clarify intent of performance criteria.

Equivalent unit

Release 

Comments 

Release 1

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