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 unusual or unwanted trends in claims

1.1 Investigate and report unusual or unwanted trends in cover or claims

1.2 Access and analyse relevant data and documentation, including impact of reinsurance

2. Assess impact of claim and determine alternative strategies

2.1 Determine strategies to minimise potential negative impacts to portfolio within requirements to meet policy obligations and legal requirements

2.2 Protect consumers’ rights according to compliance requirements and codes of practice

2.3 Communicate information which impacts on portfolio or line of business promptly to underwriter

2.4 Determine and act on need for urgent action to protect organisation’s interests

Skill 

Performance  Criteria 

Description 

Reading

1.1, 1.2, 2.4

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

Writing

1.1, 2.3, 2.4

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

Oral Communication

1.1, 2.3, 2.4

• Clearly explains detailed information using language, tone and pace appropriate to audience

Numeracy

1.2, 2.1

• Performs mathematical calculations to analyse financial information, costs and values to accurately determine performance

Navigate the world of work

2.1, 2.2, 2.4

• Identifies and resolves key business issues, processes and practices that may have legal implications
• Takes full responsibility for compliance with organisational policy and procedures, and legislative and regulatory requirements
• Modifies or develops organisational policy and procedures to comply with legislative requirements and organisational goals

Interact with others

1.1, 2.3

• Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships

Get the work done

1.1, 1.2, 2.1, 2.2, 2.4

• Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
• Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions
• Responds intuitively to problems requiring immediate resolution, drawing on past experiences
• 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 

FNSISV503 Undertake post-loss risk management

FNSISV503A Undertake post-loss risk management

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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