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 THAT HAS PASSED THE END DATE: 

Demonstrate knowledge and understanding of South African law and the regulation of risk management 
SAQA US ID UNIT STANDARD TITLE
15007  Demonstrate knowledge and understanding of South African law and the regulation of risk management 
ORIGINATOR
SGB Financial Services 
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 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 
2003-10-08  2006-10-08  SAQA 0150/03 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2007-10-08   2010-10-08  

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 is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
242661  Apply knowledge and understanding of South African law to the management of risk  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners who manage asset risk in insurance and other organisations.

The qualifying learner is capable of:
  • Identifying legislation that potentially impacts on the management of risk.
  • Explaining the risks associated with non-compliance.
  • Using common law terminology in the correct context.
  • Applying legislation that regulates risk management to a specific organisation. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this Unit Standard. Learners should be competent in Communication and Mathematical and Financial Literacy at NQF Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is legislation relevant to a sector.
  • General legislation includes, but is not limited to, OHSA, Occupational health and occupational hygiene, the SA Constitution, Mines Health and Safety Act, Mines and Works Act, Explosives Act, Environmental related legislation and COIDA.
  • Financial legislation includes, but is not limited to, Income tax Act, CGT, VAT, Trusts, Public Funds, Companies Act.
  • People regulating legislation includes, but is not limited to LRA, BCOE, Skills Development, Skills Development Levies Act, EE Act, Shops and Offices Act, Access to information Act.
  • Sector application of legislation includes, but is not limited to FAIS, PPR, POCA, FICA, Short Term Act, Long Term Act, Medial Schemes Act, Financial Securities Act, Pension Funds Act, Electricity Act. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify legislation that potentially impacts on the management of risk. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Legislation that regulates risk management in general is identified with examples of how each Act applies to a specific sector. 

    ASSESSMENT CRITERION 2 
    2. Relevant legislation that regulates financial aspects of risk management is identified with examples of how each Act applies to a specific sector. 

    ASSESSMENT CRITERION 3 
    3. Legislation that regulates people management is identified with examples of how each Act applies to a specific sector. 

    SPECIFIC OUTCOME 2 
    Explain the risks associated with non-compliance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The compliance aspects of five different Acts are analysed and an indication is given of the legal consequences of non-compliance for a specific sector. 

    ASSESSMENT CRITERION 2 
    2. The business risks associated with non-compliance are analysed for five different pieces of legislation appropriate to a sector. 

    ASSESSMENT CRITERION 3 
    3. The reputational risks associated with non-compliance are analysed for five different pieces of legislation appropriate to a sector. 

    SPECIFIC OUTCOME 3 
    Use common law terminology in the correct context. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The concept of legal liability is explained with examples. 

    ASSESSMENT CRITERION 2 
    2. The concept of contractual liability is explained with examples. 

    ASSESSMENT CRITERION 3 
    3. The concept of vicarious liability is explained with examples. 

    ASSESSMENT CRITERION 4 
    4. The concept of negligence/delict is explained with examples. 

    ASSESSMENT CRITERION 5 
    5. The concept of personal liability is explained with examples. 

    ASSESSMENT CRITERION 6 
    6. The concept of public liability is explained with examples. 

    ASSESSMENT CRITERION 7 
    7. The concept of professional indemnity is explained with examples. 

    ASSESSMENT CRITERION 8 
    8. The concept of personal indemnity is explained with examples. 

    SPECIFIC OUTCOME 4 
    Apply legislation that regulates risk management to a specific organisation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Legislation that impacts on risk management in a specific organisation is summarised in a table. 

    ASSESSMENT CRITERION 2 
    2. The risks regulated in the legislation are categorized according to type. 

    ASSESSMENT CRITERION 3 
    3. Policies, practices and systems in an organisation are evaluated for compliance and recommendations are made to reduce or transfer the risk. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative and formative assessment by a registered assessor.
  • Assessors must be registered as an Assessor with the INSQA or with an ETQA that has a Memorandum of Understanding with the INSQA.
  • Moderators must be registered as assessors with INSQA, or with an ETQA that has a Memorandum of Agreement with INSQA.
  • Training providers must be accredited by the relevant ETQA.

    Moderation should include both internal and external moderation where applicable. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners are capable of identifying and solving problems in which responses show that responsible decisions using critical and creative thinking have been made in evaluating policies and practices for compliance and recommending ways of reducing or transferring the risk. 

    UNIT STANDARD CCFO COLLECTING 
    Learners are capable of collecting, organising and critically evaluating information in evaluating the policies and practices of an organisation for compliance. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are capable of communicating effectively in using common law terminology in the correct context. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are capable of seeing the world as a set of related systems in analysing business and reputational risk associated with non-compliance. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 242661, "Apply knowledge and understanding of South African law to the management of risk", Level 4, 4 Credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49129   Further Education and Training Certificate (FETC): Management and Administration  Level 4  NQF Level 04  Reregistered  2023-06-30  SERVICES 
    Core  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2007-02-11  Was INSETA until Last Date for Achievement 
    Core  24396   National Certificate: Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2006-10-08  Was INSETA until Last Date for Achievement 
    Core  60652   Professional Qualification: Management and Administration  Level 4  Level TBA: Pre-2009 was L4  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  48640   National Certificate: Financial Services Management  Level 4  Level TBA: Pre-2009 was L4  Reregistered  2023-06-30  INSETA 


    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. Discovery Life Ltd 
    2. Faisit (Pty) Ltd 
    3. Intec College 
    4. Masifunde Training Centre (Pty) Ltd 



    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.