Unit of competency Outline
Date retreived
22/07/2026 5:52 PM AWST
22/07/2026 5:52 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.
Manage compliance requirements for an insurance broking business
Manage compliance requirements for an insurance broking business
Unit of competency
National Code
FNSIBK606A
FNSIBK606A
State Code
D4201
D4201
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to manage the implementation of compliance practices, procedures and systems within an insurance broking business. It encompasses ensuring that the relevant statutory and regulatory requirements are identified and complied with.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. Identify compliance requirements
- 1.1. Statutory, legislative and regulatory requirements relevant to the brokerage are identified and documented
- 1.2. Compliance requirements are identified and analysed for implementation
- 1.3. Up-to-date checklist of statutory operational requirements is maintained and observed including reporting requirements and time limits
- 1.4. Accurate, reliable and up-to-date information on compliance requirements is identified and collated in a form suitable for analysis and is updated on a regular annual basis or as amendments occur
2. Evaluate compliance factors and determine risk assessment
- 2.1. Impact of requirements on the brokerage is identified
- 2.2. Key risk areas in the brokerage for non-compliance are identified and evaluated in terms of likelihood and intensity
- 2.3. Compliance risk factors are evaluated within the context of organisation's mitigating capabilities
3. Establish compliance strategies
- 3.1. Stakeholder parties to compliance strategy and implementation are identified
- 3.2. Ways of systematising compliance strategy are identified
- 3.3. Cost-benefit variances are reviewed for implementation
- 3.4. Existing strategies are identified and reviewed
- 3.5. Alternate strategies are identified and assessed in consultation with the stakeholders
- 3.6. Most appropriate strategy is selected
4. Establish resource requirements for compliance purposes
- 4.1. Technical resources required for compliance purposes are identified and sourced
- 4.2. Personnel requirements for the operation of the compliance program are determined and appropriate staff are assigned or recruited, as appropriate
- 4.3. Compliance requirements for each role in the organisation are identified and documented
- 4.4. Minimum training standards for all personnel are identified and a training program developed in conjunction with appropriate personnel
- 4.5. Staff supervision and monitoring processes are in place to ensure staff compliance with requirements
5. Implement and maintain compliance systems
- 5.1. Regulatory requirements are incorporated into operational procedures
- 5.2. Documentation and communication systems that ensure compliance are developed
- 5.3. Practices and procedures in brokerage are reviewed for compliance
- 5.4. Non-compliance practices are identified and measures put in place to correct these
- 5.5. Irregularities, non-compliance and breaches are promptly identified and attended to
- 5.6. Staff are consulted to test integrity of systems
- 5.7. Areas for improvement in systems are identified through staff consultation and recommendations made to appropriate personnel
- 5.8. Process for reporting of breaches of laws and regulations is documented
- 5.9. Documentation and operational, and communication systems are implemented and checked for viability
- 5.10. New compliance requirements are integrated into work systems as required
6. Ensure statutory reporting requirements are met
- 6.1. Identify reporting requirements and establish timeframes for reporting
- 6.2. Organisational guidelines for preparing statutory reports are accessed and made available to relevant staff
- 6.3. Statutory reports are prepared according to organisational guidelines and statutory requirements
- 6.4. Statutory reports are checked for compliance
- 6.5. Submission of statutory reports is confirmed with the appropriate parties
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.
Statutory, legislative and regulatory requirements may include:
anti-discrimination legislation (Commonwealth and State or Territory)
applicable State or Territory legislation and regulations
brokerage codes of conduct
consumer affairs laws
industrial legislation
Insurance Contracts Act
Legislation and regulations administered by the Australian Securities and Investments Commission (ASIC) Act including its regulatory guides relating to personal and general advice, compliance plans, audit of compliance plans
occupational health and safety (OHS) legislation
privacy laws
Superannuation Acts and regulations
Taxation Acts and regulations
Workplace Relations Act
State or Territory industrial relations Acts, awards and enterprise agreements
disclosure documents including:
Financial Services Guides (FSG)
Statements of Advice (SOA)
Product Disclosure Statements (PDS)
levels of training required for responsible officers and advisers.
Impact refers to:
the effect on the business of ensuring compliance.
Likelihood refers to:
the likelihood of the particular event or non-compliance issue occurring.
Mitigating capabilities refers to:
any of a range of activities which will reduce the likelihood or consequences of the risk and may include application of control procedures, outsourcing or ceasing business in risk area or taking insurance for business risks.
Stakeholder parties may include:
ASIC
auditors
compliance officers
distribution agents and consultants
operating divisions
parent companies
Australian Taxation Office.
Systematising may involve:
IT systems
management systems
policy and procedures.
Alternate strategy may include:
compliance related management information systems
documentation of compliance requirements relevant to the brokerage
induction and training processes related to compliance management
non-conformance or breach management processes
record keeping systems for compliance management
specification of compliance management accountabilities/responsibilities in the brokerage.
Training program may include:
ASIC minimum training requirements for advisers and responsible managers
compliance training
customer complaints mechanisms
dispute resolution processes
training in disclosure requirements.
Reporting requirements may include:
ASIC reporting requirements
reports to governing bodies for approval.
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.
Statutory, legislative and regulatory requirements may include:
anti-discrimination legislation (Commonwealth and State or Territory)
applicable State or Territory legislation and regulations
brokerage codes of conduct
consumer affairs laws
industrial legislation
Insurance Contracts Act
Legislation and regulations administered by the Australian Securities and Investments Commission (ASIC) Act including its regulatory guides relating to personal and general advice, compliance plans, audit of compliance plans
occupational health and safety (OHS) legislation
privacy laws
Superannuation Acts and regulations
Taxation Acts and regulations
Workplace Relations Act
State or Territory industrial relations Acts, awards and enterprise agreements
disclosure documents including:
Financial Services Guides (FSG)
Statements of Advice (SOA)
Product Disclosure Statements (PDS)
levels of training required for responsible officers and advisers.
Impact refers to:
the effect on the business of ensuring compliance.
Likelihood refers to:
the likelihood of the particular event or non-compliance issue occurring.
Mitigating capabilities refers to:
any of a range of activities which will reduce the likelihood or consequences of the risk and may include application of control procedures, outsourcing or ceasing business in risk area or taking insurance for business risks.
Stakeholder parties may include:
ASIC
auditors
compliance officers
distribution agents and consultants
operating divisions
parent companies
Australian Taxation Office.
Systematising may involve:
IT systems
management systems
policy and procedures.
Alternate strategy may include:
compliance related management information systems
documentation of compliance requirements relevant to the brokerage
induction and training processes related to compliance management
non-conformance or breach management processes
record keeping systems for compliance management
specification of compliance management accountabilities/responsibilities in the brokerage.
Training program may include:
ASIC minimum training requirements for advisers and responsible managers
compliance training
customer complaints mechanisms
dispute resolution processes
training in disclosure requirements.
Reporting requirements may include:
ASIC reporting requirements
reports to governing bodies for approval.
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:
undertake compliance research
identify and develop compliance systems and related documentation
complete internal compliance audits
prepare documentation and reports for regulatory and legislative bodies
integrate compliance requirements into work practices
adjust to industry changes.
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 organisational 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:
undertake compliance research
identify and develop compliance systems and related documentation
complete internal compliance audits
prepare documentation and reports for regulatory and legislative bodies
integrate compliance requirements into work practices
adjust to industry changes.
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 organisational 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 |
|---|---|---|---|
| AUR65 | FNSIBK606 | Manage compliance requirements for an insurance broking business | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S734 | FNS60110 | Advanced Diploma of Insurance Broking | Qualification |