FOWIM706 Risk Management and Insurance (F/650/7679) Assignment Brief 2026
FOWIM706 Assignment Brief
| Qualification | Qualifi Level 7 Diploma in Family Office and Wealth Inheritance Management (610/2921/X) |
| Unit Reference Number | F/650/7679 |
| Unit Code | FOWIM706 |
| Unit Title | Risk Management and Insurance |
| RQF Level : | 7 |
| Number of Credits | 20 |
| Total Qualification Time (TQT) | 200 hours |
| Guided Learning Hours (GLH) | 100 hours |
Unit Aim
The aim of this unit is to allow learners to understand the importance of identifying, assessing, and managing risks in order to protect and preserve family wealth. This includes understanding the types of risks that can affect wealth, such as market risk, credit risk, operational risk, and legal risk, as well as the tools and strategies for managing these risks, including insurance, hedging, diversification, and risk transfer.
Learners will also be introduced to risk management and what insurance policies can help family offices and individuals to develop a comprehensive risk management plan that takes into account their specific needs, goals, and risk tolerance.
Learning Outcomes and Assessment Criteria
| Learning Outcomes
When awarded credit for this unit, a learner will: |
Assessment Criteria
Assessment of this learning outcome will require a learner to demonstrate that they can: |
| 1. Understand risk management and its objectives and the various tools and techniques used in risk management. | 1.1 Critically assess and differentiate risk from uncertainty and probability.
1.2 Explain the objectives and importance of risk management. 1.3 Explain various tools and techniques used in risk management. 1.4 Develop and suggest risk management strategies and plans for a given scenario. 1.5 Monitor and review risk management activities and adjust strategies as needed for a given scenario. |
| 2. Understand potential risks and develop appropriate risk management strategies and controls. | 2.1 Define systemic, strategic, financial, and operational risks and explain their impact on an organisation’s success.
2.2 Develop a risk management framework that aligns with an organisation’s objectives, culture, and risk appetite. 2.3 Apply risk assessment methodologies to identify, evaluate, and prioritise risks in a case study scenario. 2.4 Analyse the effectiveness of existing risk management strategies and make recommendations for improvement for a given scenario. |
| 3. Understand different types of risk and their insurability. | 3.1 Discuss the different types of risk and their insurability including the basic concepts and principles of insurance.
3.2 Explain the key components of an insurance contract and the role of the insurer and insured. 3.3 Analyse the importance of legal doctrine in insurance, including principles of contract law, agency law, and tort law. 3.4 Explain the different types of insurance policy available and their coverage |
| 4. Understand principles of insurance and the important concepts. | 4.1 Assess the concept of indemnity in insurance and its application in the insurance context.
4.2 Analyse the legal principles of subrogation and contribution in insurance, and how they apply to claims made under insurance policies. 4.3 Differentiate the methods used by insurers to provide indemnity, including cash payment, replacement, and repair or reinstatement. 4.4 Explain the importance of subrogation in the insurance process, and how it affects the insured party’s rights and obligations. |
Struggling with risk assessment and management frameworks in your FOWIM706 assignment?
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