Individual Competency Assessment (ICA)
The SOLUTION: Broker Individual Competency Assessment (ICA)
myIntegrity in Practice (myIP) provides Licensees with the ability to individually assess each Broker’s comprehensive of the Best Interest Obligations through the Individual Competency Assessment (ICA) Program.
The ICA Program enables Licensees to include a “capstone” to their Broker engagement strategy. The ICA provides crucial documented evidence that a Licensee has “take(n) reasonable steps to ensure” their Brokers comply with the Best Interest Obligations (BIO). The ICA also offer up to 3 CPD hours.
What are the benefits of the ICA Program?
The ICA enables Licensees:
- to identify Brokers who DO understand the Best Interest Obligations (BIO) framework and do not need more training
- to identify Brokers who DO NOT clearly understand the Best Interest Obligations (BIO) framework and need more assistance
- to provide additional Continuing Professional Development (CPD) hours
How does the ICA Program work?
The ICA Program is based on two steps, with an optional third.
Step 1 – Broker Assessment: assess the existing knowledge of the Best Interest Obligations (BIO) of individual Brokers. This can be achieved through structured, formal assessment techniques. Individual Brokers are then “allocated” to a GREEN, AMBER or RED cohort depending on the assessment outcome.
- GREEN – Acceptable knowledge & comprehensive across all areas of BIO. Do not need any further training.
- AMBER – Adequate knowledge & comprehensive in some areas of BIO, but not all (further training required)
- RED – Insufficient knowledge & comprehensive to meet the required BIO areas (further training required)
Assessment is conducted through myIntegrity’ Learning Management System (LMS):
- Multiple choice questions
- Short answer questions
- Verbal questioning (useful to ensure maximum number of Brokers are captured in the GREEN cohort)
Assessment time: 1- 2 hours | Pass mark: be agreed with Resolve Finance | CPD Hours = up to 3
Step 2 – Traffic Light Report: Licensees receive a report with individual Brokers allocated across the cohorts based on (or as otherwise agreed):
- GREEN – Acceptable: Pass mark 80-100%
- AMBER – Adequate: Pass mark 50-79%
- RED – Insufficient: Pass mark less than 50%
Step 3 – Structured Training (optional): Implement structured training for the AMBER and RED cohort of Brokers to improve individual broker knowledge to an “acceptable” level. myIntegrity has “standard” learning modules for both the AMBER and RED cohorts should Licensees require assistance. We provide further information on the next page of this proposal.
What investment is required for the ICA Program?
The ICA Program is priced in two parts to provide flexibility to Licensees.
Part One: Broker Individual Competency Assessment (ICA)
- $99 per Broker (incl GST)
- Enterprise pricing available for Licensees with more than 150 Brokers
- Delivered through myIntegrity’s LMS (Learning Management System).
- Full assessment of individual brokers with detailed feedback provided to individuals
- Traffic Light Report to Licensees to identify individual competency levels
Part Two (optional): Structured learning modules
Enrolment in the structured learning modules is optional. The modules have been designed in line with adult education and vocational standards. Each module is designed to take between 1-2 hours to complete, including reassessment of the individual Broker’s competency with the Best Interest Obligations (BIO).
For Brokers identified in the AMBER or RED cohorts, Licensees can elect to use myIntegrity’s “standard learning modules” for an additional investment, or alternatively can use its own internal resources.
Standard Learning Module Pricing
If Licensees elects to use myIntegrity’s learning modules the investment is:
- AMBER Cohort: $59 per Broker (incl. GST)
- RED Cohort: $79 per Broker (incl. GST)
These prices include reassessment of the individual Broker.