Assessment Requirements for FNSIBK514 Manage a complex risk portfolio for a broking client

Release: 1

Assessment Requirements for FNSIBK514 Manage a complex risk portfolio for a broking client

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

synthesise and coordinate knowledge of the industry to monitor the need for new products or changes to product needs of clients

undertake client interviews, gather information and analyse options, based on risk assessment methodologies, for presentation to the client

undertake an assessment of a complex risk portfolio and identify gaps in losses and claims to be addressed

conduct cost–benefit analysis, review of insurance benefits, credit stability assessments, review of claims history and level of supplier service

negotiate effectively with insurers to obtain appropriate and optimal outcomes for the client

obtain and document client instructions for renewal.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

outline methods of analysis of the client’s industry structure and trends

explain the application of relevant legislation and compliance requirements on client management procedures

explain application of company policy, procedures and authorities in developing management plans for clients with complex portfolios and risks

illustrate cost–benefit analysis in the management of complex client portfolios or those with significant risk changes

explain methods for analysing policy wordings

explain the key marketing principles and practices that are applied to the management of complex client portfolios

provide an example of the application of risk assessment and risk management strategies in developing risk management plans for clients with complex risks.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance broking field of work and include access to:

common office equipment, technology, software and consumables

organisational records

organisational policy and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe