Unit of competency Outline

Date retreived
22/07/2026 3:22 PM AWST

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Determine risk rating for investment and insurance products

Determine risk rating for investment and insurance products

Unit of competency
National Code
FNSISV535
State Code
OCZ70
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
22/04/2021
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.The unit applies to those working in job roles involving specialist knowledge and functions such as underwriting in a range of insurance sectors, in 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. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Monitor and collect information on risk factors
  • 1.1 Identify product type and nature of the risk
  • 1.2 Identify, monitor and collect information on product and risk factors
2. Analyse data collected
  • 2.1 Review data for reliability and validity
  • 2.2 Assess risk factors associated with product against known exposure factors
  • 2.3 Analyse information collected on risk factors for product according to organisational policies and procedures
  • 2.4 Identify additional information required to further evaluate risk as required
3. Establish and record risk rating for product
  • 3.1 Determine acceptability of risk according to organisational policies and procedures, and underwriting guidelines
  • 3.2 Establish risk rating that minimises risk liability according to organisational policies and procedures
  • 3.3 Document basis for risk rating decision
  • 3.4 Document risk rating information according to organisational policies and procedures
4. Communicate results to required stakeholders
  • 4.1 Present results of research and analysis to required stakeholders
  • 4.2 Review risk rating recommendations against existing products and organisational policies and procedures
  • 4.3 Finalise risk rating recommendations and notify required stakeholders
No information
No information
Replaces
State Code National Code Title Type
AUS33 FNSISV505 Determine risk rating for investment and insurance products Unit of competency
State Code National Code Title Type
BFX4 FNS51120 Diploma of General Insurance Qualification
AWB9 FNS51315 Diploma of Life Insurance Qualification