The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.
Sources of information may include: | agency recordsexperienceindustry practice and experiencelegislationmarket researchpublished literaturespecialist or expert advice from:government agenciesprofessional and industry associations. |
Tools for identification may include: | documentation to assist in the process of identifying risks and assessing impact and likelihood of occurrencestandard instruments developed for the agency and contextualised for sections of the workplace's operations, such as checklists and testing procedurestools to prioritise risks, including where relevant, numerical scoring systems for risks. |
Actual and potential risks may relate to: | administrative and business systems, policies and practicescommercial and legal relationships between the agency, consumers and other organisations, such as buyers, sellers, employees, landlords, tenants, subcontractors, developers and suppliersconsumer riskeconomic and financial circumstancesindividual actions, such as discrimination and ineffective communicationmanagement activities and controlsnatural eventsnon-compliance with legislative and regulatory requirements, such as:consumer protectionOHStrade practicesnon-compliance with quality systems, such as:enterprisefranchiseInternational Standards Organisation (ISO)OHSphysical and personal security |
| political circumstances, such as legislative change property ownership, including intellectual propertytechnological and technical issues, both internal and external to the agency, such as loss of data. |
Agency, clients and other stakeholders may include: | consumers and clientsco-ownersfinancial institutions with an interest in the agencyprincipalstaff and others to whom a duty of care is owed. |
Agency representations and information provided by clients may refer to: | anticipated income and expenditurebankruptcybusiness status and ownershipcompliance with legislative and regulatory requirementscondition of propertycovenantscustomer baseeasementsfamily law mattersfinancial recordsinsolvencyleases or tenancy agreementslegal actionlicencespermitsproperty status and ownershipquotasstockvalue of property. |
Causes of risks may include: | commercial and legal relationshipseconomic circumstanceshuman behaviourinaccurate information provided by clientsindividual activitiesmanagement activities and controlsnatural eventspolitical circumstancestechnological issues. |
Potential impact of risks may adversely affect: | capital reservescash flow viability and resulting liquiditygoodwill valuenett worth of the businessreturn on investment. |
Consequences, likelihood and severity of risks may refer to: | consequences - extreme, very high, medium, low and negligiblelikelihood - almost certain, likely, moderate, unlikely and rareseverity - severe, high, major, significant, moderate and trivial. |
Risk categorisation may refer to: | administration - misrepresentation, personal injury and misappropriationcommercial sales and leasing - miscalculating rentable floor space and exclusivity of business (retail)property management - maintenance, consumer protection and discriminationproperty sales - incorrect disposal of chattels, code of ethics and conduct, loss of documents, trade practices, consumer protection, unauthorised disclosure, and sale of goods under warrant of execution. |
Risk priorities may refer to: | assessing consequences and likelihoodassigning a value to identified risks using available tools. |
Options for minimising risks may include: | avoid the risk - deciding not to become involved in a risk situationfinance the risk - funding risk treatment and the financial consequences of risk |
| reduce the risk - applying appropriate techniques and management principles to reduce the likelihood of an occurrence and its consequencesretain the risk - intentionally or unintentionally retaining responsibility for loss or financial burden of losstransfer the risk - shifting responsibility or burden of loss to another party through contract, insurance or other means. |
Procedures and systems for controlling risks may include: | documentationprocedures, including:assessmentconfidentiality, security and privacy procedurescontrol measuresidentificationmonitoringorganisational procedurestreatmentsystems, including:company operations manualinduction and training. |
Risks to consumers may relate to: | advertising and marketingmoneys held in trustproperty managementproperty saleprovision of information and advicetenancy agreements. |