In the business disciplines, there is a disconnection between what employers expect graduates to do and what graduates are actually able to do. Limited research has been done on the interfaces of professionals' aspirations, university instructors' enactment, and university learners' experiences. To address this well-felt gap, we conducted a series of interviews with employers in the industry and designed a peer-assessment loop consisting of rubrics co-construction, rubric-guided learning and performance, rubric-referenced peer review, and rubric-referenced reflection in a university course. Learners' views on and experiences in the assessment processes were explored through analysing their written reflections. The paper provides an empirical example of designing and enacting signature assessment. The design of case-based peer assessment loops with co-constructed rubrics mirrors the operational genres, cognitive challenges, and emotional dynamics of business professional practices. Researching the benefits and challenges of this assessment design contributes to sustaining student learning in and beyond higher education.