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Elements and Performance Criteria

1. Establish risk context
   • Evaluate organisational processes, procedures and requirements and determine scope for risk management process
   • Review strengths and weaknesses of existing arrangements
   • Document critical success factors, goals and objectives for area included in scope
   • Communicate risk management process to relevant stakeholders
   • Invite stakeholders to assist in the identification of risks
   • Research risks that may apply to scope
   • Document risks that apply to the scope, in consultation with relevant parties
   • Assess likelihood of risks occurring
   • Assess impact or consequence if risks occur
   • Evaluate and prioritise risks for treatment
2. Select and implement treatments
   • Determine and select from options for treating risks
   • Develop action plan for implementing risk treatment
   • Communicate risk management processes to relevant parties
   • Implement action plan according to organisational policies and procedures
   • Monitor and evaluate risk management process

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

lead at least one risk management process for an organisation or work area.

In the course of the above, the candidate must:

analyse information from a range of sources to identify the scope and context of the risk management process, including:

stakeholder analysis

political, economic, social, legal, technological and policy context

current arrangements

objectives and critical success factors for the area included in scope

risks that may apply to scope

consult and communicate with stakeholders to identify and assess risks, determine appropriate risk treatment actions and priorities and explain the risk management processes

develop and implement an action plan to treat risks

monitor and evaluate the action plan and risk management process

maintain documentation.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory context of the organisation in relation to risk management

organisational policies, procedures and processes for risk management, including document storage

types of business risks

options for treating risks

risk management process

purpose and key elements of current risk management standards

tools and techniques to identify risks to scope risk management processes.

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