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: 

Evaluate the inherent risk to an organisation in a specific market 
SAQA US ID UNIT STANDARD TITLE
119996  Evaluate the inherent risk to an organisation in a specific market 
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 5  Level TBA: Pre-2009 was L5  10 
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 does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for Senior Underwriters and Senior Claims Assessors in Long-Term insurance, learners in actuarial learnerships and learners responsible for quoting on group business (tendering and pricing) and Product Developers. It provides learners with the skills and knowledge needed to make a business decision within an organisation's target market.

The qualifying learner is capable of:
  • Interpreting current political and socio economic trends that could impact on future risk in a specific market.
  • Analysing the impact of legislation on a specific market.
  • Using an evidence base to justify a fair discrimination risk assessment practice.
  • Analysing natural and enforced boundaries in a specific market.
  • Applying knowledge of risk in a specific market to make a business decision. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should be competent in Communication and Mathematical Literacy at Level 4. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Markets may be local, regional, or global.
  • Legislation includes, but is not limited to, legislation relating to Long-Term insurance.
  • Natural boundaries include, but are not limited to, distribution chains, product type, benefit type, competitors, attitudes and values and access to medical facilities.
  • A business decision may be related to underwriting, claims, quoting and tendering or product development. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Interpret current political and socio-economic trends that could impact on a future risk in a specific market. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The impact of political stability and Government priorities and decisions on risk is analysed for a specific market. 

    ASSESSMENT CRITERION 2 
    The impact of geographic spread on inherent risk is analysed for a specific market. 

    ASSESSMENT CRITERION 3 
    Socio-economic conditions that affect a specific market are analysed with reference to claims management, affordability, access to facilities and suitability of benefits. 

    ASSESSMENT CRITERION 4 
    The anticipated economic trends in a region are analysed and applied to a specific market in terms of the potential effect on risk and insurance. 

    SPECIFIC OUTCOME 2 
    Analyse the impact of legislation on a specific market. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Legislation that impacts on risk assessment in a specific market is identified and an indication is given of how the identified legislation influences business decisions. 

    ASSESSMENT CRITERION 2 
    Factors that determine the weighting of substantive evidence in legal matters are identified with reference to precedence in court cases and expert evidence. 

    ASSESSMENT CRITERION 3 
    The concept of a prudent and reasonable person is explained with reference to the interpretation of terms and conditions in contracts. 

    SPECIFIC OUTCOME 3 
    Use an evidence base to justify a fair discrimination risk assessment practice. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Relevant data required to justify a fair discrimination risk assessment practice is identified for a specific product and/or benefit. 

    ASSESSMENT CRITERION 2 
    Relevant data is mined from a database to provide substantive evidence to support a risk assessment practice or product development. 

    ASSESSMENT CRITERION 3 
    Data is presented in support of a case. 

    SPECIFIC OUTCOME 4 
    Analyse natural and enforced boundaries in a specific market. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Natural boundaries in a market are identified for a specific product. 

    ASSESSMENT CRITERION 2 
    The enforced boundaries in a specific market are analysed in terms of legal and political issues and an organisation's policies and practices. 

    SPECIFIC OUTCOME 5 
    Apply knowledge of risk in a specific market to make a business decision. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Evidence is collated and analysed in order to make a recommendation about the risk in a specific market. 

    ASSESSMENT CRITERION 2 
    A case is presented to substantiate a recommendation to start, maintain or discontinue business in a specific market. 


    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 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify make a decision to start, maintain or discontinue business in a specific market. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able organise his/her activities responsibly and effectively identifying and obtaining the required data to justify a fair discrimination practice. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able critically evaluate information in analysing the inherent risk to an organisation in a specific market. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able communicate effectively in presenting evidence to support a risk assessment practice. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able using a computer effectively to mine a database. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in anticipating future risk in a specific market. 

    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 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49834   National Certificate: Financial Services: Long-Term Risk Assessment  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Core  49860   National Diploma: Financial Services: Long-Term Risk Assessment  Level 5  NQF Level 05  Reregistered  2023-06-30  INSETA 
    Elective  57918   National Certificate: Short Term Insurance  Level 5  Level TBA: Pre-2009 was L5  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. African Resources & Financial Training (Pty) Ltd 
    2. CKP Development Agency (Pty) Ltd. 
    3. Invuya Institute of Learning (Pty) Ltd 
    4. Masifunde Training Centre (Pty) Ltd 
    5. Ripple Effect 4 (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.