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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

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

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  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. African Resources & Financial Training (Pty) Ltd 
    2. CKP Development Agency (Pty) Ltd. 
    3. De Vries Management & Training Services cc 
    4. Faisit (Pty) Ltd 
    5. Masifunde Training Centre (Pty) Ltd 
    6. Ray Strodl Consulting (Pty) Ltd 
    7. RJM Educational Consulting (Pty) Ltd 
    8. Sanlam Life Insurance 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.