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

FNSRSK601 Mapping and Delivery Guide
Develop and implement risk mitigation plan

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSRSK601 - Develop and implement risk mitigation plan
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to apply knowledge of different financial risk treatment methods to develop and then implement a plan or strategy for treatment of an organisation’s risks.It applies to individuals with specialised knowledge who use analytical skills and systematic approaches to manage and implement organisational strategies that mitigate risk within their area of responsibility.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the risk management field of work and include access to:

office equipment, technology, software and consumables

relevant legislation, regulations and codes of practice

relevant Australian standards relating to risk management.

Assessors must satisfy NVR/AQTF assessor requirements.
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: Select risk mitigation for each risk
  • Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation
  • Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected
       
Element: Develop risk mitigation plan
  • Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls
  • Identify, document and allocate required actions
  • Establish budget, timeframes and reporting schedules
       
Element: Develop implementation plan
  • Identify tasks to be undertaken and organise personnel and resources to carry out actions
  • Determine indicators of progress and success
  • Establish monitoring system to determine effectiveness of treatments
       
Element: Communicate with relevant internal and external stakeholders
  • Identify stakeholders and seek out their views
  • Provide information to stakeholders at each stage of treating organisation’s risks
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Select risk mitigation for each risk

1.1 Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation

1.2 Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected

2. Develop risk mitigation plan

2.1 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls

2.2 Identify, document and allocate required actions

2.3 Establish budget, timeframes and reporting schedules

3. Develop implementation plan

3.1 Identify tasks to be undertaken and organise personnel and resources to carry out actions

3.2 Determine indicators of progress and success

3.3 Establish monitoring system to determine effectiveness of treatments

4. Communicate with relevant internal and external stakeholders

4.1 Identify stakeholders and seek out their views

4.2 Provide information to stakeholders at each stage of treating organisation’s risks

Evidence of the ability to:

analyse financial risks, perform associated cost analysis and select appropriate risk management practices

develop a risk mitigation plan

develop and monitor budgets and implementation schedules for risk mitigation strategies.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain risk management principles, practices and management tools

identify and explain the key features and purpose of the Australian standards as they relate to risk management

analyse and discuss the range of possible treatment options for financial and legislative risk

analyse areas of applicability of treatment options in an organisation

describe methods of comparing suitability of risk treatment options for particular applications

describe the key indicators for monitoring the success of selected risk mitigation strategies

identify and explain the role of internal and external stakeholders relevant to risk.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Select risk mitigation for each risk

1.1 Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation

1.2 Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected

2. Develop risk mitigation plan

2.1 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls

2.2 Identify, document and allocate required actions

2.3 Establish budget, timeframes and reporting schedules

3. Develop implementation plan

3.1 Identify tasks to be undertaken and organise personnel and resources to carry out actions

3.2 Determine indicators of progress and success

3.3 Establish monitoring system to determine effectiveness of treatments

4. Communicate with relevant internal and external stakeholders

4.1 Identify stakeholders and seek out their views

4.2 Provide information to stakeholders at each stage of treating organisation’s risks

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
Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation 
Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected 
Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls 
Identify, document and allocate required actions 
Establish budget, timeframes and reporting schedules 
Identify tasks to be undertaken and organise personnel and resources to carry out actions 
Determine indicators of progress and success 
Establish monitoring system to determine effectiveness of treatments 
Identify stakeholders and seek out their views 
Provide information to stakeholders at each stage of treating organisation’s risks 

Forms

Assessment Cover Sheet

FNSRSK601 - Develop and implement risk mitigation plan
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

FNSRSK601 - Develop and implement risk mitigation plan

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: