Unit of competency Outline
Date retreived
23/07/2026 5:35 AM AWST
23/07/2026 5:35 AM 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.
Monitor broking clients
Monitor broking clients
Unit of competency
National Code
FNSIBK506A
FNSIBK506A
State Code
D4189
D4189
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
60
Description
This unit involves the broker in establishing an ongoing risk monitoring process with new broking clients.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. Establish communication protocols with client
- 1.1. Brokerage service guidelines are applied to determine level of client contact required
- 1.2. Communication format is formalised between client and broker
- 1.3. Effectiveness of protocols is monitored, assessed and adjusted as required
2. Identify and review information
- 2.1. Information relevant to client requirements is determined
- 2.2. Mechanisms to select and filter information in an efficient manner are established
3. Review client's business needs
- 3.1. External environment is monitored and analysed against client program to monitor major change to level of risk exposure
- 3.2. Client records are regularly reviewed to ensure information is current
- 3.3. Comprehensive information on client is collected and reviewed in compliance with broking service protocols
- 3.4. Comprehensive records are maintained of risks assessed and action taken
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.
Level of client contact may vary:
annually
daily
monthly
weekly.
Communication can be through:
client bulletin
email
facsimile
letter
personal contact
telephone.
Records may include:
case files
minutes of meetings
notes
videos.
Information on client may be obtained by:
attending regular meetings
monitoring client advice
reviewing press clippings and media items.
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.
Level of client contact may vary:
annually
daily
monthly
weekly.
Communication can be through:
client bulletin
facsimile
letter
personal contact
telephone.
Records may include:
case files
minutes of meetings
notes
videos.
Information on client may be obtained by:
attending regular meetings
monitoring client advice
reviewing press clippings and media items.
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:
apply a systematic, methodological approach to monitoring situations in the context of product market developments and industry trends
pay close attention to detail in terms of personal needs and specifications of clients.
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:
apply a systematic, methodological approach to monitoring situations in the context of product market developments and industry trends
pay close attention to detail in terms of personal needs and specifications of clients.
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 |
|---|---|---|---|
| AUR53 | FNSIBK515 | Monitor broking client requirements and establish loss control programs | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D719 | FNS50611 | Diploma of Financial Planning | Qualification |
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |
| S728 | FNS51210 | Diploma of Insurance Broking | Qualification |