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Evidence Guide: BSBOPS504 - Manage business risk

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBOPS504 - Manage business risk

What evidence can you provide to prove your understanding of each of the following citeria?

Establish risk context

  1. Evaluate organisational processes, procedures and requirements and determine scope for risk management process
  2. Review strengths and weaknesses of existing arrangements
  3. Document critical success factors, goals and objectives for area included in scope
  4. Communicate risk management process to relevant stakeholders
  5. Invite stakeholders to assist in the identification of risks
  6. Research risks that may apply to scope
  7. Document risks that apply to the scope, in consultation with relevant parties
  8. Assess likelihood of risks occurring
  9. Assess impact or consequence if risks occur
  10. Evaluate and prioritise risks for treatment
Evaluate organisational processes, procedures and requirements and determine scope for risk management process

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review strengths and weaknesses of existing arrangements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document critical success factors, goals and objectives for area included in scope

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate risk management process to relevant stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Invite stakeholders to assist in the identification of risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research risks that may apply to scope

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document risks that apply to the scope, in consultation with relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess likelihood of risks occurring

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess impact or consequence if risks occur

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate and prioritise risks for treatment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select and implement treatments

  1. Determine and select from options for treating risks
  2. Develop action plan for implementing risk treatment
  3. Communicate risk management processes to relevant parties
  4. Implement action plan according to organisational policies and procedures
  5. Monitor and evaluate risk management process
Determine and select from options for treating risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop action plan for implementing risk treatment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate risk management processes to relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement action plan according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and evaluate risk management process

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

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.

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.