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Evidence Guide: FNSRSK401A - Implement risk management strategies

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

 

FNSRSK401A - Implement risk management strategies

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

Identify application of risk management strategies to job role

  1. Legislative and regulatory requirements relating to risk management are researched and related to own job role
  2. Organisational policies and procedures for risk management are accessed and accurately interpreted
  3. Risk management role is clarified and confirmed with relevant stakeholders as required
Legislative and regulatory requirements relating to risk management are researched and related to own job role

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Organisational policies and procedures for risk management are accessed and accurately interpreted

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Risk management role is clarified and confirmed with relevant stakeholders as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply risk management strategies

  1. Appropriate organisational strategies and tools for controlling risks in own job role are determined
  2. Control measures for cross-organisation risks are identified and applied
  3. Control measures for own area of operation and responsibilities are chosen and implemented
Appropriate organisational strategies and tools for controlling risks in own job role are determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Control measures for cross-organisation risks are identified and applied

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Control measures for own area of operation and responsibilities are chosen and implemented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and propose changes to improve risk management strategies

  1. Currency of understanding and application of risk management strategies is maintained
  2. Audit and review of risk strategy implementation to improve the treatment of risks is undertaken
  3. Improvements in risk management relevant to own job role are recommended to management
  4. Best practice risk management is modelled in own performance
Currency of understanding and application of risk management strategies is maintained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Audit and review of risk strategy implementation to improve the treatment of risks is undertaken

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Improvements in risk management relevant to own job role are recommended to management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Best practice risk management is modelled in own performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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

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.