Course Title: Advise clients on financial risk

Part B: Course Detail

Teaching Period: Term2 2013

Course Code: ACCT5332C

Course Title: Advise clients on financial risk

School: 650T TAFE Business

Campus: City Campus

Program: C5317 - Diploma of Financial Planning

Course Contact : Michael Elliot

Course Contact Phone: +61 3 9925 5519

Course Contact Email:michael.elliot@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Nominal Hours: 60

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

This unit describes the performance outcomes, skills and knowledge required to determine a client’s financial risk profile, assess risk management options and produce detailed reports to present findings to clients and other relevant people.


This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSFMK503A Advise clients on financial risk

Element:

1. Determine risk profile
1.1. Interpersonal skills are applied to confirm client's financial needs, expectations and objectives in accordance with organisational requirements
1.2. Valid and relevant information is obtained to determine the complexity of client's needs and their asset and liability management framework is analysed to ensure it matches their broader strategic direction and risk profile
1.3.The context for assessing risk is based on an understanding of the client's personal situation, operating environment or core business
 

Performance Criteria:

1.1. Interpersonal skills are applied to confirm client's financial needs, expectations and objectives in accordance with organisational requirements
1.2. Valid and relevant information is obtained to determine the complexity of client's needs and their asset and liability management framework is analysed to ensure it matches their broader strategic direction and risk profile
1.3.The context for assessing risk is based on an understanding of the client's personal situation, operating environment or core business
 

Element:

2. Assess financial risk
2.1. Assessment criteria for measuring the level of potential or existing risk, together with an assessment of consequences are developed in accordance with organisational requirements
2.2. Information collected is assessed using the assessment criteria and appropriate analytical techniques
2.3. Threat, consequences and vulnerability for a range of financial products is compared, in accordance with client and organisational requirements
2.4. Risk management alternatives are developed to include assessment of alternatives and estimation of long and short term effects
2.5.Incidents and factors increasing or diminishing financial performance are identified, analysed and discussed with the client
 

Performance Criteria:

2.1. Assessment criteria for measuring the level of potential or existing risk, together with an assessment of consequences are developed in accordance with organisational requirements
2.2. Information collected is assessed using the assessment criteria and appropriate analytical techniques
2.3. Threat, consequences and vulnerability for a range of financial products is compared, in accordance with client and organisational requirements
2.4. Risk management alternatives are developed to include assessment of alternatives and estimation of long and short term effects
2.5.Incidents and factors increasing or diminishing financial performance are identified, analysed and discussed with the client
 

Element:

3. Report findings
3.1. Risk management alternatives are documented in accordance with organisational requirements and relevant legislation
3.2. Retail client disclosure documents outlining client responsibilities are prepared and explained to the client
3.3. Client information is updated, modified and accurately maintained in accordance with organisational requirements
3.4. Risk analysis documentation is prepared and filed in accordance with organisational and legislative requirements
3.5.All information is handed safely and securely with due regard to client confidentiality and legislative and organisational requirements
 

Performance Criteria:

3.1. Risk management alternatives are documented in accordance with organisational requirements and relevant legislation
3.2. Retail client disclosure documents outlining client responsibilities are prepared and explained to the client
3.3. Client information is updated, modified and accurately maintained in accordance with organisational requirements
3.4. Risk analysis documentation is prepared and filed in accordance with organisational and legislative requirements
3.5.All information is handed safely and securely with due regard to client confidentiality and legislative and organisational requirements
 


Learning Outcomes



Details of Learning Activities

This unit is delivered using a blend of classroom based and self -paced learning activities.


Teaching Schedule

Week                                                                                                                  Week Comm                                                                                                  Topics                                                                                                                    Assessment
1 8th JulyPre-training review:
• RPL /LLN
Familiarisation with:
• Program
• Services/facilities
• Other students
• Teacher(s)
• Where to get support
• Student responsibilities
• Course requirements
• Course support documents
• Pre-reading
• Blackboard
• Overview of assessment requirements
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
 
 
2 15th JulyChapter 1
Diploma of Financial Planning
Insurance Planning Module
 
 
3 22nd JulyChapter 1
Diploma of Financial Planning
Insurance Planning Module
 

Assessment on Topics from weeks 1 and 2
Short Answer Questions Grading (CA/NYC) 

Open Book
 

4 29th JulyFinalise Chapter 1
Diploma of Financial Planning
Insurance Planning Module
Assessment 1 feedback
 
 
5 5th AugChapter 2
Diploma of Financial Planning
Insurance Planning Module
 
 
6 12th AugChapter 2 (continued)
Diploma of Financial Planning
Insurance Planning Module
 
 
7 19th AugChapter 2 (continued)
Diploma of Financial Planning
Insurance Planning Module
 
 
8                                                                                                                           26th AugFinalise Chapter 2
Diploma of Financial Planning
Insurance Planning Module
 
Assignment Handed out including discussion on assessment requirements.
                                                    Mid semester break (2nd Sept to 8th Sept) 
9 9th Sept.Chapter 3
Diploma of Financial Planning
Insurance Planning Module
 
 
10 16th Sept.Chapter 3
Diploma of Financial Planning
Insurance Planning Module
 
 
11 23rd Sept.Finalise Chapter 3
Diploma of Financial Planning
Insurance Planning Module
 
Electronic Draft of assignment to be submitted to teacher in class.
12 30th Sept.Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
Final Assignment discussion
With teacher
 
13 7th Oct.Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
Final Assignment discussion
With teacher
 
14 14th Oct.Finalise Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
Continued as per above
Assignment due (CA/NYC)
 
15 21 Oct.Assessment 3 – (CA/NYC)
(From Topics covered in Weeks 3 to Weeks 14)
 
 
16 28th Oct.Re-submissions if required 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met. You will be provided with feedback throughout the course to check their progress.
 


Assessment Tasks

You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

TASK 1 ( Week 3)
This will consist of a multiple choice question and short answer assessment. CA/NYC

TASK 2 (Week 14) CA/NYC
An individual assignment requiring students to conduct research into risk management.
The above task will be presented in report format (approx. 300- 500 words per recommendation).

TASK 3 (Week 15) CA/NYC
A two hour open book assessment covering Topics covered in Weeks 3 to Weeks 14


Assessment Matrix

Other Information

Assessment Submission Requirements
You should:
• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.

 

 

• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

Marking Guide (competency):

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.
You need to demonstrate you are competent in each element of the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.
Please refer to the Final Grades table below.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
The grading is according to the following criteria:
1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to job roles such as a actuaries, intermediaries, managers or supervisors, marketing and sales personnel, underwriters and other relevant organisational personnel. Have the ability to confirm to work requirements, using questioning and active listening as required, liaise with others, share information, listen and understand and use language and concepts appropriate to cultural differences.
2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
We are looking for depth of understanding of the key concepts and knowledge required in accessing and managing financial services information, accessing financial product and services information and interpreting documentation. We are also looking at literacy skills to read, write, edit and proofread documents to ensure clarity of meaning, accuracy and consistency of information. Students should have knowledge of the basis of actuarial analysis and decisions, risk assessment policies and procedural guidelines, underwriting policies and procedures, geographic and demographic data, insurance products, premiums, extent of insurance coverage and other conditions of the insurance contract, investment product information, data and trends. Students should also have an understanding about insurance for accidental damage, burglary/theft, business interruption, defined events, employee fraud, environment and pollution, fire and perils, general and products liability, personal accident and illness, professional indemnity, public liability, directors and officers. Students should understand about, reinsurance, the relationship between underwriting and rate making, relevant legislation, regulatory guidelines and industry sector compliance requirements, such as the Insurance Contracts Act, Privacy Act, Trade Practices and Corporations Act. Knowledge of the risk analysis/prevention methods and application and type of risk and probability of likely occurrence.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. You also need to show an understanding of the kinds of problems that can arise in managing client services or reporting and to develop options to resolve these issues when they arise. We also want you to interpret and apply organisation policy and procedures. Apply knowledge and skills in the area of risk identification and assessment. How compliance with legislation and regulations and industry codes of practice in monitoring, analysing and determining risk ratings is determined.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see ongoing uploading of information that is relevant to the unit, full utilisation of Blackboard as per course requirements and timely submission of all required assessment tasks. Teamwork skills
problem solving skills to identify any issues that have the potential to impact on organisational skills, including the ability to plan and sequence work. Self-management skills for complying with ethical, legal and procedural requirements.
5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
We expect to see contributions to relevant discussions and scheduled classroom sessions. In addition your tasks should demonstrate a very good understanding of strategies for well-developed literacy skills for analysing information on client needs and preparing clear written advice, plans and reports. This includes research skills such as: accessing and managing information, interpreting documentation and coordinating tasks.

Final Grades table:
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment

 


Further information regarding the application of the grading criteria will be provided by your teacher.
 

Course Overview: Access Course Overview