Unit of competency Outline
Date retreived
22/07/2026 10:11 PM AWST
22/07/2026 10:11 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Review operational performance of the portfolio
Review operational performance of the portfolio
Unit of competency
National Code
FNSISV502A
FNSISV502A
State Code
D4240
D4240
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
29/07/2014
Nominal Hours
100
Description
This unit describes the performance outcomes, skills and knowledge required to conduct an operational review of the portfolio, including identifying problems and determining remedial action.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
Notes
Elements and Performance Criteria
1. Analyse performance data
- 1.1. Identified key performance data is collated and checked for accuracy
- 1.2. Data is reviewed against planned outcomes and prior record
- 1.3. Analysis is conducted to establish whether planned outcomes have been achieved
- 1.4. Variations in performance are assessed to determine whether remedial action is required
- 1.5. Performance is benchmarked
2. Identify performance problems and remedial action
- 2.1. Performance problems are identified from available information
- 2.2. Unusual circumstances are referred for strategic analysis as required
- 2.3. Further analysis is undertaken in order to identify improvement measures
3. Document/determine and implement remedial action
- 3.1. Existing authorities and acceptance criteria are reviewed to assess if amendments are needed
- 3.2. Action plans to match performance with portfolio profile are prepared within guidelines and established authorities
- 3.3. Action plans are implemented
4. Monitor effectiveness of remedial action
- 4.1. Procedures are developed to monitor remedial action
- 4.2. The remedial action is monitored to determine its effectiveness
- 4.3. Results are analysed on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Performance data may include:
benchmarking against predetermined objectives and/or internal and external business units
claims loss ratio data
density of portfolio per area
general knowledge
number and extent of losses
publications (industry associations and trade journals)
revenue accounts
statistics
stock exchange.
Analysis techniques may include:
a comparative study of variation trends and loss ratios
frequently occurring risks
one-off events or catastrophes.
Procedures may include:
monitoring preferred acceptance criteria
quality assurance testing.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Performance data may include:
benchmarking against predetermined objectives and/or internal and external business units
claims loss ratio data
density of portfolio per area
general knowledge
number and extent of losses
publications (industry associations and trade journals)
revenue accounts
statistics
stock exchange.
Analysis techniques may include:
a comparative study of variation trends and loss ratios
frequently occurring risks
one-off events or catastrophes.
Procedures may include:
monitoring preferred acceptance criteria
quality assurance testing.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
interpret and comply with industry sector and all legal obligations and organisation policy and procedures relating to reviewing portfolio performance
use practical understanding and application of the criteria and methodology for conducting a review of portfolio performance
analyse performance related data and propose remedies for problems are critical
develop and implement a detailed action plans to address problems in portfolio performance
monitor implementation and progress of measures taken to address portfolio performance
complete relevant documentation and adhere to organisation operating guidelines.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisation policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
interpret and comply with industry sector and all legal obligations and organisation policy and procedures relating to reviewing portfolio performance
use practical understanding and application of the criteria and methodology for conducting a review of portfolio performance
analyse performance related data and propose remedies for problems are critical
develop and implement a detailed action plans to address problems in portfolio performance
monitor implementation and progress of measures taken to address portfolio performance
complete relevant documentation and adhere to organisation operating guidelines.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation records
access to organisation policies and procedures.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS02 | FNSISV502 | Review operational performance of the portfolio | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S727 | FNS51110 | Diploma of General Insurance | Qualification |
| D776 | FNS51312 | Diploma of Life Insurance | Qualification |