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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Manage risk in own life

SAQA US ID	UNIT STANDARD TITLE
8994	Manage risk in own life
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 3	NQF Level 03	3
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Registered"		2002-02-13	2004-08-11	SAQA 0540/02
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2005-08-11		2008-08-11

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
114970	Manage risk in own life	Level 3	NQF Level 03	3

PURPOSE OF THE UNIT STANDARD

This unit standard introduces the concept of risk and the management of risk and how this applies to an individual in his/her own life.

The qualifying learner is capable of:

Assessing exposure to risk in own life.

Identifying risk in own life.

Evaluating risk in own life.

Controlling and managing risk in own life.

Making decisions about how to run own life in a way that minimises risk and maximises opportunities.

Solving risk related problems.

Planning a strategy to deal with risk in own life.

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 Literacy at NQF Level 2.

UNIT STANDARD RANGE

The typical scope of this unit standard is risk as it applies in own life.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Assess risk in own life.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The concept of risk is known and explained and an indication is given of both positive and negative aspects of risk.

ASSESSMENT CRITERION 2

2. Four opportunities in life are identified and an indication is given of the consequences of following a choice.

ASSESSMENT CRITERION 3

3. The upside of risk is identified as opportunities if the risk is carefully managed and an example is given of how risk can be managed as an opportunity.

ASSESSMENT CRITERION 4

4. The downside of risk is identified and described as lost opportunities if the risk is eliminated, and an example is given of how risk can be seen as a lost opportunity.

ASSESSMENT CRITERION 5

5. The importance of knowledge in assessing a risk is understood and examples are given of the kind of knowledge that could be important in making a decision.

ASSESSMENT CRITERION 6

6. Solutions are offered for practical problems that require the assessment of risk in a given situation for three selected case studies.

ASSESSMENT CRITERION 7

7. The implications of risk are identified in a given situation.

ASSESSMENT CRITERION 8

8. The concept that the average person is able to assess risk is recognised and a possible risk in an authentic situation is estimated with an explanation of how the learner arrived at his/her conclusion.

ASSESSMENT CRITERION 9

9. A problem is assessed and a decision made on how to manage the side effects of risk.

SPECIFIC OUTCOME 2

Identify risk in own life.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The risk associated with everyday life such as accidents, theft and money issues are identified in own life.

ASSESSMENT CRITERION 2

2. Exposure to risk in important aspects of own life is compared for three different scenarios.

ASSESSMENT CRITERION 3

3. Six risks are classified in terms of chance, certainty and legal obligations.

ASSESSMENT CRITERION 4

4. A range of risk factors in a situation is considered and a decision is made from a range of options about which option carries the least risk.

ASSESSMENT CRITERION 5

5. The role of knowledge in identifying risk is understood and explained with an example of how lack of knowledge can impact on a situation.

SPECIFIC OUTCOME 3

Evaluate risk in own situation

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Six examples of risk are classified as high, medium or low risk.

ASSESSMENT CRITERION 2

2. The importance of reliable knowledge or research in evaluating risk is understood and a simple project is done to check the reliability of a source.

ASSESSMENT CRITERION 3

3. Creative suggestions about risk are made that show evidence of knowledge of a given situation.

ASSESSMENT CRITERION 4

4. Risks are compared for two people in the same situation in terms of probability and severity.

ASSESSMENT CRITERION 5

5. Criteria in life that add to or reduce risk are identified and applied to an authentic case study.

ASSESSMENT CRITERION 6

6. A judgment is made in an authentic scenario about which of two people constitutes the greatest risk in a given situation.

SPECIFIC OUTCOME 4

Control risk in own life.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Suggestions are made of ways to control risk.

ASSESSMENT CRITERION 2

2. A set of criteria is compiled that could help to manage or control risk in own life.

ASSESSMENT CRITERION 3

3. Information is collected, collated and organised and an action plan that indicates how risk can be minimised or eliminated is drawn up for an authentic situation.

ASSESSMENT CRITERION 4

4. The reliability of information or the source of information is checked and the information is used to verify the extent of the risk in an authentic situation.

ASSESSMENT CRITERION 5

5. Factors that can reduce, minimise or eliminate risk are identified and the option of accepting and dealing with risk is considered in a given situation.

ASSESSMENT CRITERION 6

6. Factors that can reduce, minimise or eliminate risk are identified and the option of transferring risk is considered in a given situation.

ASSESSMENT CRITERION 7

7. A strategy is planned to deal with current risk in own life.

ASSESSMENT CRITERION 8

8. Side issues of risk that cannot be controlled or managed are identified and suggestions are presented of ways to reduce the impact of the identified side issues.

ASSESSMENT CRITERION 9

9. Suggestions are offered as to how a small amount of money could be invested with the least risk and best chance of growing the money.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, - INSQA framework for assessment and moderation.

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO IDENTIFYING

Learners are able to identify and solve problems by assessing a problem and making a decision on how to manage the side effects of risks, and by planning a strategy to deal with current risk in their own lives.

UNIT STANDARD CCFO ORGANISING

Learners are able to organise and manage themselves and their activities effectively by identifying and controlling risk in their own lives.

UNIT STANDARD CCFO COLLECTING

Learners can collect, organise and evaluate information when developing an action plan to minimise or eliminate risk in their own lives.

UNIT STANDARD CCFO CONTRIBUTING

Learners are able to explore a variety of strategies to acquire knowledge to reduce, minimise or eliminate risk in their own lives.

Learners are able to develop entrepreneurial opportunities by suggesting ways in which small amounts of money may be invested safely.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 114970, which is "Manage risk in own life", Level 3, 3 credits, as from 11 Aug 2004

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Core	20177	National Certificate: Insurance	Level 3	NQF Level 03	Passed the End Date - Status was "Registered"	2004-10-10	Was INSETA until Last Date for Achievement
Core	20638	National Certificate: Collective Investment Schemes	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2004-12-05	INSETA
Core	20639	National Certificate: Healthcare Benefits Administration: Claims Assessing	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2004-12-05	INSETA
Core	20773	National Certificate: Long Term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2004-12-05	INSETA
Core	21796	National Certificate: Short Term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2005-06-12	Was INSETA until Last Date for Achievement
Elective	20774	National Certificate: Insurance: Long Term: Risk Assessment	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2004-12-05	Was INSETA until Last Date for Achievement

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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