Unit of competency Outline

Date retreived
22/07/2026 12:00 PM AWST

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Manage compliance requirements for an insurance broking business

Manage compliance requirements for an insurance broking business

Unit of competency
National Code
FNSIBK606
State Code
AUR65
TGA Status
Deleted
DTWD Status
Deleted
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
60
Description
This unit describes the specialist skills and knowledge required to undertake research, implement compliance practices, procedures and systems, complete internal audits, prepare documentation and reports in line with relevant regulatory and legislative requirements, and integrate compliance requirements into work practices. It applies to individuals who provide specialised knowledge, use systematic approaches and have responsibility to ensure quality standards and requirements are met.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. Identify compliance requirements
  • 1.1 Identify and document statutory, legislative and regulatory requirements relevant to brokerage
  • 1.2 Identify and analyse compliance requirements for implementation
  • 1.3 Maintain up-to-date checklist which includes reporting requirements, time limits and all other statutory operational requirements, and ensure it is observed
  • 1.4 Identify, regularly update and collate accurate, reliable and up-to-date information on compliance requirements in form suitable for analysis
2. Evaluate compliance factors and assess inherent risk
  • 2.1 Identify impact of requirements on brokerage
  • 2.2 Identify and evaluate non-compliance likelihood and intensity in key risk areas in brokerage
  • 2.3 Evaluate compliance risk factors within context of organisation’s mitigating capabilities
3. Establish compliance strategies
  • 3.1 Identify compliance strategy and implementation stakeholder parties
  • 3.2 Identify methods of systematising compliance strategy
  • 3.3 Review cost–benefit variances of proposed compliance strategy
  • 3.4 Identify and review existing strategies
  • 3.5 Identify and assess alternate strategies in consultation with stakeholders
  • 3.6 Select most appropriate strategy to ensure continued compliance
4. Establish resource requirements for compliance purposes
  • 4.1 Identify and source technical resources required for compliance purposes
  • 4.2 Determine personnel requirements for operation of compliance program and assign or recruit appropriate staff where required
  • 4.3 Identify and document compliance requirements for each role in organisation
  • 4.4 Identify minimum training standards for all personnel and develop training program in conjunction with appropriate personnel
  • 4.5 Implement staff supervision and monitoring processes to ensure staff compliance with requirements
5. Implement and maintain compliance systems
  • 5.1 Ensure regulatory requirements are incorporated into operational procedures
  • 5.2 Develop documentation and communication systems that ensure compliance
  • 5.3 Review practices and procedures to ensure compliance
  • 5.4 Identify non-compliance practices and adopt corrective measures
  • 5.5 Identify and promptly attend to irregularities, non-compliance and breaches
  • 5.6 Consult staff to test integrity of systems
  • 5.7 Identify areas for improvement to systems through consultation with staff and make recommendations to personnel as appropriate
  • 5.8 Document process for reporting of breaches of laws and regulations
  • 5.9 Ensure all documentation, operational and communication systems are implemented and checked for viability
  • 5.10 Integrate new compliance requirements into work systems as required
6. Ensure statutory reporting requirements are met
  • 6.1 Identify reporting requirements and establish reporting timeframes
  • 6.2 Ensure that organisational guidelines for preparing statutory reports are accessed and made available to relevant staff
  • 6.3 Prepare statutory reports according to organisational guidelines and statutory requirements
  • 6.4 Check statutory reports for compliance
  • 6.5 Confirm submission of statutory reports with appropriate parties
No information
No information
Replaces
State Code National Code Title Type
D4201 FNSIBK606A Manage compliance requirements for an insurance broking business Unit of competency
State Code National Code Title Type
AWE0 FNS60115 Advanced Diploma of Insurance Broking Qualification