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Elements and Performance Criteria

  1. Identify application of risk management strategies to job role
  2. Apply risk management strategies
  3. Identify and propose changes to improve risk management strategies

Required Skills

Required skills

communication skills to

determine and confirm organisation risk situation with internal and external stakeholders using questioning and active listening as required

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

risk assessment skills

literacy skills for analysingrisk information to ensure appropriateness to the organisation

problem solving skills to identify any issues that have the potential to impact on organisation risk controls and to develop recommendations for improvement

organisational skills including the ability to plan and sequence work

Required knowledge

Australian Standard Risk Management

methods of identifying financial risks

organisational policies and procedures relating to risk management processes and strategies

principles of risk management

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

effectively interpret and comply with organisation financial risk management strategies

identify risk factors in own job role

recommend risk mitigation improvements

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to Australian Standard Risk Management

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Range Statement

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, if used in the performance criteria, is detailed below. 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) may also be included.

Risk can involve:

commercial and legal relationships

economic circumstances

human behaviour

individual activities

management activities and controls

natural events

political circumstances

positive risk

technological issues.

Organisational policies and procedures may include:

compliance risk in breaches of legislation such as Privacy Act

occupational health and safety (OHS) risk

policies on outsourcing and contractual obligations

reporting risk such as:

failure to lodge required documentation on time or at all

financial reporting

tax matters

reputation risk.

Stakeholders may be:

internal to the organisation including:

those providing services

policy makers

those receiving services

external to the organisation including:

suppliers

customers

regulators.

Organisational strategies and tools may include:

documentation to assist in process of identifying risk, and assessing impact and likelihood of occurrence

standard instruments developed for the organisation and contextualised for sections of the workplace's operations, such as checklists and testing procedures

tools to prioritise risks.

Control measures may include:

hierarchy of controls:

reduction in likelihood of risks

reduction of consequences of risks

retention of risks

risk aversion

transfer of responsibility of risks

specific organisational control measures.

Improvements in risk management may include:

reduction of costs

reductions in impact

reductions in likelihood

reductions in occurrence.