SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Determine risk exposure in order to manage the risk in a specific situation

SAQA US ID	UNIT STANDARD TITLE
242654	Determine risk exposure in order to manage the risk in a specific situation
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 4	NQF Level 04	2
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Reregistered"		2018-07-01	2023-06-30	SAQA 06120/18
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2026-06-30		2029-06-30

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
15008	Determine risk exposure in order to manage the risk in a specific situation	Level 4	NQF Level 04	2

PURPOSE OF THE UNIT STANDARD

This Unit Standard introduces the concept of risk exposure and the application of theory to manage risk in an authentic situation. It is intended for learners who require an understanding of insurance risk and those who manage risk in insurance and other organisations. It will be useful for Intermediaries, Short Term Insurance Consultants and Risk Advisers who advise commercial, industrial and corporate clients on insurance needs, Managers, Risk Managers, Wealth Managers and other learners who are starting a career that requires ability to manage risk.

The qualifying learner is capable of:

Explaining the concept of risk in the context of insurance.

Analysing and quantifying risk exposure.

Investigating different ways of managing risk.

Developing a plan to manage risk in a specific situation.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

It is assumed that learners are competent in Communication and Mathematical Literacy at Level 3.

UNIT STANDARD RANGE

The typical scope of this Unit Standard is:

Legislation relevant to a specific sector.

Types of risk include, but are not limited to loss or damage, material loss, loss of life, injury or illness, liability, financial, reputational, investment and portfolio risk.

Ways of quantifying risk include, but are not limited to, value, loss, exposure and liability.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Explain the concept of risk in the context of insurance.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The concept of risk is explained with reference to subject matter and event in the context of insurance.

ASSESSMENT CRITERION 2

The concepts of frequency and severity are explained and an indication is given of the relationship between the two concepts.

ASSESSMENT CRITERION 3

Different types of risk are named with examples.

SPECIFIC OUTCOME 2

Analyse and quantify risk exposure.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Possible exposures to risk are identified in a specific situation.

ASSESSMENT CRITERION 2

The risks in a situation are analysed and prioritised in terms of frequency and severity.

ASSESSMENT CRITERION 3

Different ways of quantifying the risk are explained for three different scenarios.

ASSESSMENT CRITERION 4

Information from past events is used to quantify the potential severity and frequency of the risks.

SPECIFIC OUTCOME 3

Investigate different ways of managing risk.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

Different ways of avoiding risk are researched for a specific situation.

ASSESSMENT CRITERION 2

Ways to minimise risk are investigated for different scenarios.

ASSESSMENT CRITERION 3

Ways to transfer risk are investigated for different scenarios.

ASSESSMENT CRITERION 4

The possibility of eliminating risk in a situation is debated for different scenarios.

SPECIFIC OUTCOME 4

Develop a plan to manage risk in a specific situation.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

The risk management process is applied prioritised risks in a specific situation.

ASSESSMENT CRITERION 2

A plan is developed to manage the prioritised risks.

ASSESSMENT CRITERION 3

A schedule is compiled for implementing and reviewing the plan.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.

Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.

Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures.

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 debating the elimination of risk and developing a plan to manage risk in a specific situation.

UNIT STANDARD CCFO COLLECTING

Learners are capable of collecting, organising and critically evaluating information in applying the risk management process to a specific situation.

UNIT STANDARD CCFO COMMUNICATING

Learners are capable of communicating effectively in presenting a plan and schedule to manage risk in a specific situation.

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 15008, "Determine risk exposure in order to manage the risk in a specific situation", level 4, 2 credits.

Search words: risk exposure, risk profile, risk management.

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Core	57613	Further Education and Training Certificate: Short-Term Risk Management	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2012-06-30	INSETA
Elective	66613	Further Education and Training Certificate: Wealth Management	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	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.

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