Unit of competency Outline

Date retreived
23/07/2026 7:31 PM AWST

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Undertake post-loss risk management

Undertake post-loss risk management

Unit of competency
National Code
FNSISV503
State Code
AUS03
TGA Status
Current
DTWD Status
Approved
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 review the effect of losses on the portfolio, identify problems and develop remedial risk management strategies.It applies to individuals working in job roles involving specialist knowledge and functions in a range of insurance sectors, particularly underwriting, 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. Identify unusual or unwanted trends in claims
  • 1.1 Investigate and report unusual or unwanted trends in cover or claims
  • 1.2 Access and analyse relevant data and documentation, including impact of reinsurance
2. Assess impact of claim and determine alternative strategies
  • 2.1 Determine strategies to minimise potential negative impacts to portfolio within requirements to meet policy obligations and legal requirements
  • 2.2 Protect consumers’ rights according to compliance requirements and codes of practice
  • 2.3 Communicate information which impacts on portfolio or line of business promptly to underwriter
  • 2.4 Determine and act on need for urgent action to protect organisation’s interests
No information
No information
Replaces
State Code National Code Title Type
D4241 FNSISV503A Undertake post-loss risk management Unit of competency