Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSRSK401A Mapping and Delivery Guide
Implement risk management strategies

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSRSK401A - Implement risk management strategies
Description This unit describes the performance outcomes, skills and knowledge required to interpret an organisation's financial risk management strategies in terms of own work and effectively use risk mitigation and elimination techniques and tools.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies in a range of organisations for job roles involving following policies and strategies to manage risk.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify application of risk management strategies to job role
  • Legislative and regulatory requirements relating to risk management are researched and related to own job role
  • Organisational policies and procedures for risk management are accessed and accurately interpreted
  • Risk management role is clarified and confirmed with relevant stakeholders as required
       
Element: Apply risk management strategies
  • Appropriate organisational strategies and tools for controlling risks in own job role are determined
  • Control measures for cross-organisation risks are identified and applied
  • Control measures for own area of operation and responsibilities are chosen and implemented
       
Element: Identify and propose changes to improve risk management strategies
  • Currency of understanding and application of risk management strategies is maintained
  • Audit and review of risk strategy implementation to improve the treatment of risks is undertaken
  • Improvements in risk management relevant to own job role are recommended to management
  • Best practice risk management is modelled in own performance
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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 4360 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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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 4360 Risk Management

methods of identifying financial risks

organisational policies and procedures relating to risk management processes and strategies

principles of risk management

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.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Legislative and regulatory requirements relating to risk management are researched and related to own job role 
Organisational policies and procedures for risk management are accessed and accurately interpreted 
Risk management role is clarified and confirmed with relevant stakeholders as required 
Appropriate organisational strategies and tools for controlling risks in own job role are determined 
Control measures for cross-organisation risks are identified and applied 
Control measures for own area of operation and responsibilities are chosen and implemented 
Currency of understanding and application of risk management strategies is maintained 
Audit and review of risk strategy implementation to improve the treatment of risks is undertaken 
Improvements in risk management relevant to own job role are recommended to management 
Best practice risk management is modelled in own performance 

Forms

Assessment Cover Sheet

FNSRSK401A - Implement risk management strategies
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSRSK401A - Implement risk management strategies

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: