Unit of competency Outline

Date retreived
22/07/2026 9:58 AM AWST

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Review operational performance of the portfolio

Review operational performance of the portfolio

Unit of competency
National Code
FNSISV502
State Code
AUS02
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
100
Description
This unit describes the skills and knowledge required to conduct an operational review of the portfolio, including identifying problems and determining remedial action.It applies to individuals working in job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Analyse performance data
  • 1.1 Collate and check identified key performance data for accuracy
  • 1.2 Review data against planned outcomes and prior record
  • 1.3 Conduct analysis to establish whether planned outcomes have been achieved
  • 1.4 Assess variations in performance to determine whether remedial action is required
  • 1.5 Benchmark performance
2. Identify performance problems and remedial action
  • 2.1 Identify performance problems from available information
  • 2.2 Refer unusual circumstances for strategic analysis as required
  • 2.3 Undertake further analysis to identify improvement measures
3. Document, determine and implement remedial action
  • 3.1 Review existing authorities and acceptance criteria to assess if amendments are needed
  • 3.2 Prepare action plans to match performance with portfolio profile, within guidelines and established authorities
  • 3.3 Implement action plans
4. Monitor effectiveness of remedial action
  • 4.1 Develop procedures to monitor remedial action
  • 4.2 Monitor remedial action to determine its effectiveness
  • 4.3 Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes
No information
No information
Replaces
State Code National Code Title Type
D4240 FNSISV502A Review operational performance of the portfolio Unit of competency
Replaced By
State Code National Code Title Type
OCZ35 FNSISV532 Review operational performance of insurance portfolios Unit of competency
State Code National Code Title Type
AWE4 FNS51115 Diploma of General Insurance Qualification
AWB9 FNS51315 Diploma of Life Insurance Qualification