Unit of competency Outline
Date retreived
22/07/2026 4:01 PM AWST
22/07/2026 4:01 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.
Determine risk rating for investment and insurance products
Determine risk rating for investment and insurance products
Unit of competency
National Code
FNSISV505
FNSISV505
State Code
AUS33
AUS33
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
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
50
Description
This unit describes skills and knowledge required to monitor and analyse risks, and determine the risk rating associated with an existing or new investment or insurance product.It applies to individuals working in job roles involving specialist knowledge and functions such as underwriting 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. Monitor and collect information on risk factors
- 1.1 Identify product type so that nature of risk can be identified and handled accordingly
- 1.2 Identify, monitor and collect relevant information
2. Analyse data collected
- 2.1 Establish reliability and validity of data
- 2.2 Assess risk factors associated with product against known exposure factors
- 2.3 Analyse all information collected on risk factors for product using appropriate methods and documentation
- 2.4 Identify need for additional information to further evaluate risk
3. Determine risk rating for product
- 3.1 Determine acceptability of risk using all available information in accordance with organisational policy and procedures, and underwriting guidelines
- 3.2 Establish risk rating that minimises risk liability within delegated authority
- 3.3 Document basis for risk rating decision
- 3.4 Consider compliance with relevant legislation and organisational policy
- 3.5 Document risk rating information in format that may be used to guide underwriting and product or policy amendment decisions
4. Communicate results to appropriate personnel
- 4.1 Present results of research and analysis to appropriate personnel in a clear, concise format
- 4.2 Review risk rating recommendations against existing products and organisational policy
- 4.3 Finalise risk rating recommendations and notify relevant personnel
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4243 | FNSISV505A | Determine risk rating for investment and insurance products | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OCZ70 | FNSISV535 | Determine risk rating for investment and insurance products | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWE4 | FNS51115 | Diploma of General Insurance | Qualification |
| AWB9 | FNS51315 | Diploma of Life Insurance | Qualification |