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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Apply technical knowledge of Long-Term risk to make a competitive business decision in a non-standard situation 
SAQA US ID UNIT STANDARD TITLE
120007  Apply technical knowledge of Long-Term risk to make a competitive business decision in a non-standard 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 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 learners who are required to make Long-Term risk assessments based on information and knowledge to counter compete in the market. The focus is on risk related decisions rather than marketing strategy. It will be useful for Underwriters, Claims Assessors, actuarial students and learners in tendering and pricing.

The qualifying learner is capable of:
  • Evaluating own ability to make a competitive risk assessment.
  • Applying sound business practice to make a professional risk assessment decision.
  • Presenting an argument to counter negative marketing or disinformation.
  • Contributing to a competitive risk assessment 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:
  • Competitive business not marketing decisions.
  • Stakeholders include, but are not limited to, marketing, underwriting, claims, actuarial, product development, reinsurers, legal, medical, media and reputational risk. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Evaluate own ability to make a competitive risk assessment. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The profile of an individual who can make competitive non-standard business decisions is analysed using solution based thinking. 

    ASSESSMENT CRITERION 2 
    The importance of a broad general knowledge and substantial intellectual capital in making competitive business decisions is explored in terms of ability to absorb, access and apply knowledge. 

    ASSESSMENT CRITERION 3 
    The point at which a decision should be conceded is analysed and substantiated for three case studies. 

    ASSESSMENT CRITERION 4 
    Techniques for apologising and accepting accountability are demonstrated verbally and in writing. 

    ASSESSMENT CRITERION 5 
    Own strengths and weaknesses are assessed in order to improve own profile as a risk assessor. 

    SPECIFIC OUTCOME 2 
    Apply sound business practice to make a professional risk assessment decision. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The need for competitive underwriting is explained with reference to the subsequent impact on claims management. 

    ASSESSMENT CRITERION 2 
    Research on an issue is synthesised to test the soundness of a product's theory and its practical application. 

    ASSESSMENT CRITERION 3 
    Basic legal and actuarial knowledge is applied to substantiate a professional decision. 

    ASSESSMENT CRITERION 4 
    Risk parameters in a particular non-standard scenario are analysed with reference to all the stakeholders and the reality of the media. 

    ASSESSMENT CRITERION 5 
    The implications and consequences of a specific business decision are analysed with reference to accepted insurance practices. 

    SPECIFIC OUTCOME 3 
    Present an argument to counter negative marketing or disinformation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of disinformation is explained with reference to who is likely to engage in negative marketing. 

    ASSESSMENT CRITERION 2 
    Reasons for disinformation in a specific situation are analysed in terms of possible cause and effect and the actions required to counter the disinformation. 

    ASSESSMENT CRITERION 3 
    A situation is analysed holistically to determine an appropriate response and how to manage the risk. 

    ASSESSMENT CRITERION 4 
    The consequences of a poor decision are analysed from the point of view of the intermediary, client, market share, business loss and the credibility of the organisation. 

    SPECIFIC OUTCOME 4 
    Contribute to a competitive risk assessment decision. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Information is sourced to support or negate a decision. 

    ASSESSMENT CRITERION 2 
    Information is presented to input into a group decision. 

    ASSESSMENT CRITERION 3 
    Questions are asked and answered to clarify and interrogate a situation or product. 

    ASSESSMENT CRITERION 4 
    An opinion is substantiated in a group discussion. 

    ASSESSMENT CRITERION 5 
    An implementation plan is developed to ensure that the decisions made in a meeting are followed up by the responsible people. 


    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 problems, make decisions and recommendations and give feedback on matters relating to competitive, professional, business decisions. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work as a member of a team in contributing to a competitive risk assessment decision. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise him/herself and his/her activities responsibly and effectively in providing input in a group decision. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in researching, sourcing and presenting information in order to make a competitive business decision in a non-standard situation and in presenting an argument to counteract disinformation and contributing to a competitive risk assessment decision. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to see the world as a set of related systems in explaining the need for competitive underwriting and applying legal and actuarial knowledge to substantiate a professional decision. 

    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 


    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. CKP Development Agency (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.