SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Manage risk in own life 
SAQA US ID UNIT STANDARD TITLE
114970  Manage risk in own life 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 3  NQF Level 03 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
8994  Manage risk in own life  Level 3  NQF Level 03  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard introduces the concept of risk and the management of risk and how this applies to an individual in his/her own life.

The qualifying learner is capable of:
  • Exploring the concept of risk in own situation.
  • Identifying risk in own situation.
  • Evaluating the risk in own situation.
  • Controlling risk in own situation. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should be competent in Communication and Mathematical Literacy at NQF Level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is risk as it applies in own life.
  • Knowledge could include, but is not limited to, personal attributes, relationships, financial aspects, lifestyle, comfort zone, safety and security.
  • Criteria in life that can add to or reduce the risk include, but are not limited to, age, health, lifestyle, physical fitness, values and attitudes, financial, situational, safety and security. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explore the concept of risk in own situation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of risk is explained and an indication is given of both positive and negative aspects of risk. 

    ASSESSMENT CRITERION 2 
    Four opportunities in life are identified and an indication is given of the consequences of following a choice. 

    ASSESSMENT CRITERION 3 
    The upside of risk is identified as opportunities if the risk is carefully managed and an example is given of how risk can be managed as an opportunity. 

    ASSESSMENT CRITERION 4 
    The downside of risk is identified and described as lost opportunities if the risk is eliminated, and an example is given of how risk can be seen as a lost opportunity. 

    ASSESSMENT CRITERION 5 
    The kind of knowledge that could be important in making a decision is identified and solutions are offered for practical problems that require the assessment of risk in a given situation for three selected case studies. 

    ASSESSMENT CRITERION 6 
    A problem is assessed and a decision made on how to manage the side effects of risk. 

    SPECIFIC OUTCOME 2 
    Identify risk in own situation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The risk associated with everyday life such as accidents, theft and money issues is identified in own life. 

    ASSESSMENT CRITERION 2 
    Exposure to risk in important aspects of own life is compared for three different scenarios. 

    ASSESSMENT CRITERION 3 
    Six risks are classified in terms of chance, certainty and legal obligations. 

    ASSESSMENT CRITERION 4 
    A range of risk factors in a situation is considered and a decision is made from a range of options about which option carries the least risk. 

    ASSESSMENT CRITERION 5 
    The role of knowledge in identifying risk is understood and explained with an example of how lack of knowledge can impact on a situation. 

    SPECIFIC OUTCOME 3 
    Evaluate risk in own situation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Six examples of risk are classified as high, medium or low risk. 

    ASSESSMENT CRITERION 2 
    The importance of reliable knowledge or research in evaluating risk is understood and a simple project is done to check the reliability of a source. 

    ASSESSMENT CRITERION 3 
    Creative suggestions about risk are made that show evidence of knowledge of a given situation. 

    ASSESSMENT CRITERION 4 
    The probability and severity of risks are compared for two people in the same situation. 

    ASSESSMENT CRITERION 5 
    Criteria in life that add to or reduce risk are identified and applied to an authentic case study. 

    ASSESSMENT CRITERION 6 
    A judgment is made in an authentic scenario about which of two people constitutes the greatest risk in a given situation. 

    SPECIFIC OUTCOME 4 
    Control risk in own situation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Information is collected, collated and organised and checked for reliability and an action plan that indicates how risk can be minimised or eliminated is drawn up for an authentic situation. 

    ASSESSMENT CRITERION 2 
    Factors that can reduce, minimise or eliminate risk are identified and the options of accepting and dealing with risk or transferring the risk are considered in a given situation. 

    ASSESSMENT CRITERION 3 
    An implementation strategy is planned to deal with current risk in own life, side issues of risk that cannot be controlled or managed are identified and suggestions are made as to how to reduce the impact of the identified side issues. 

    ASSESSMENT CRITERION 4 
    Suggestions are offered as to how a small amount of money could be invested with the least risk and best chance of growing the money. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
  • Learners are able to explore a variety of strategies to acquire knowledge to reduce, minimise or eliminate risk in their own lives.
  • Learners are able to develop entrepreneurial opportunities by suggesting ways in which small amounts of money may be invested safely. 

  • UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners are able to identify and solve problems by assessing a problem and making a decision on how to manage the side effects of risks, and by planning a strategy to deal with current risk in their own lives. 

    UNIT STANDARD CCFO ORGANISING 
    Learners are able to organise and manage themselves and their activities effectively by identifying and controlling risk in their own lives. 

    UNIT STANDARD CCFO COLLECTING 
    Learners can collect, organise and evaluate information when developing an action plan to minimise or eliminate risk in their own lives. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 8994, "Manage risk in own life", Level 3, 3 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 
    Core  48494   National Certificate: Financial Services Management  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Core  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Fundamental  48663   National Certificate: Mail Handling  Level 3  NQF Level 03  Reregistered  2023-06-30  SERVICES 
    Elective  20183   National Certificate: Banking  Level 2  NQF Level 02  Passed the End Date -
    Status was "Reregistered" 
    2015-06-30  BANKSETA 
    Elective  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Reregistered  2023-06-30  INSETA 
    Elective  49772   National Certificate: Archaeology  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  CATHSSETA 
    Elective  49256   Further Education and Training Certificate: Counselling  Level 4  NQF Level 04  Reregistered  2023-06-30  HW SETA 
    Elective  79986   Further Education and Training Certificate: Dance Instruction  Level 4  NQF Level 04  Reregistered  2023-06-30  CATHSSETA 
    Elective  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. ACADEMY OF LEARNING JHB CENTRAL 
    2. African Resources & Financial Training (Pty) Ltd 
    3. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    4. Alcari Learning Centre (Pty) Ltd 
    5. BRC Solutions (Pty) Ltd 
    6. CKP Development Agency (Pty) Ltd. 
    7. De Vries Management & Training Services cc 
    8. DSBI (Pty) Ltd 
    9. EJW Financial Services (Pty) Ltd 
    10. Elangeni College for FET - Pinetown Campus 
    11. Executive People Development Solutions (Pty) Ltd 
    12. Faisit (Pty) Ltd 
    13. Intec College 
    14. Intelligo Solutions Pty (Ltd) 
    15. Invuya Institute of Learning (Pty) Ltd 
    16. Majuba FET College - Central Office 
    17. Masifunde Training Centre (Pty) Ltd 
    18. Nedbank Ltd 
    19. O'Keeffe & Swartz Consultants (Pty) Ltd 
    20. Octomate (Pty) Ltd 
    21. Old Mutual Life Assurance Company South Africa 
    22. Outsurance Insurance Company Ltd 
    23. Ray Strodl Consulting (Pty) Ltd 
    24. Ripple Effect 4 (Pty) Ltd 
    25. Sanlam Life Insurance Ltd 
    26. Sanlam Life Insurance Ltd. 
    27. Umfolozi FET College - Central Office 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.