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 THAT HAS PASSED THE END DATE: 

Determine risk exposure in order to manage the risk in a specific situation 
SAQA US ID UNIT STANDARD TITLE
15008  Determine risk exposure in order to manage the risk in a specific situation 
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 4  NQF Level 04  2 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 		 2003-10-08  2006-10-08  SAQA 0150/03 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2007-10-08   2010-10-08  

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
242654  Determine risk exposure in order to manage the risk in a specific situation  Level 4  NQF Level 04  2   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners who manage asset risk in insurance and other organisations.

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 
    There is open access to this Unit Standard. Learners should be competent in Communication and Mathematical and Financial Literacy at NQF Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is legislation relevant to a 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. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the concept of risk in the context of insurance. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The concept of risk is explained with reference to subject matter and event in the context of insurance. 

    ASSESSMENT CRITERION 2 
    2. The concepts of frequency and severity are explained and an indication is given of the relationship between the two concepts. 

    ASSESSMENT CRITERION 3 
    3. Different types of risk are named with examples. 

    SPECIFIC OUTCOME 2 
    Analyse and quantify risk exposure. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Possible exposures to risk are identified in a specific situation. 

    ASSESSMENT CRITERION 2 
    2. The risks in a situation are analysed and prioritised in terms of frequency and severity. 

    ASSESSMENT CRITERION 3 
    3. Different ways of quantifying the risk are explained for three different scenarios. 

    ASSESSMENT CRITERION 4 
    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 
    1. Different ways of avoiding risk are researched for a specific situation. 

    ASSESSMENT CRITERION 2 
    2. Ways to reduce the occurrence of risk are investigated for three different scenarios. 

    ASSESSMENT CRITERION 3 
    3. Ways to minimize the effect of risk are investigated for three different scenarios. 

    ASSESSMENT CRITERION 4 
    4. Ways to transfer risk are investigated for three different scenarios. 

    ASSESSMENT CRITERION 5 
    5. The possibility of eliminating risk in a situating is debated for two different scenarios. 

    SPECIFIC OUTCOME 4 
    Develop a plan to manage risk in a specific situation. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The risk management process is applied to the top three items on the priority list of risks in a specific situation. 

    ASSESSMENT CRITERION 2 
    2. A plan is developed to manage the top three items on the priority list of risks. 

    ASSESSMENT CRITERION 3 
    3. A schedule is compiled for implementing and reviewing the plan. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative and formative assessment by a registered assessor.
  • Assessors must be registered as an Assessor with the INSQA or with an ETQA that has a Memorandum of Understanding with the INSQA
  • Moderators must be registered as assessors with INSQA, or with an ETQA that has a Memorandum of Agreement with INSQA.
  • Training providers must be accredited by the relevant ETQA.

    Moderation should include both internal and external moderation where applicable 
    		•

    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 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 242654, "Determine risk exposure in order to manage the risk in a specific situation", Level 4, 2 Credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49129   Further Education and Training Certificate (FETC): Management and Administration  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  SERVICES 
    Core  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Core  24396   National Certificate: Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered"     		 2006-10-08  Was INSETA until Last Date for Achievement 
    Core  60652   Professional Qualification: Management and Administration  Level 4  Level TBA: Pre-2009 was L4  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 
    Fundamental  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered"     		 2007-02-11  Was INSETA until Last Date for Achievement 
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  66609   Further Education and Training Certificate: Retail Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 
    Elective  48640   National Certificate: Financial Services Management  Level 4  Level TBA: Pre-2009 was L4  Passed the End Date -
    Status was "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.
     
    NONE 


    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.