Unit of competency details

BSBRSK501 - Manage risk (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 25/Mar/2015

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBRSK501B - Manage riskUpdated to meet Standards for Training Packages 24/Mar/2015


Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
TLI - Transport and Logistics Training PackageTransport and Logistics Training Package 1.0-2.0 
SIT - Tourism, Travel and Hospitality Training PackageTourism, Travel and Hospitality Training Package 1.0-1.1 
SIS - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 1.0-2.0 
HLT - HealthHealth 2.0-3.1 
FWP - Forest and Wood Products Training PackageForest and Wood Products Training Package 2.0 
FNS - Financial Services Training PackageFinancial Services Training Package 1.0-2.0 
DEF - Defence Training PackageDefence Training Package 1.0 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0 
CPP - Property Services Training PackageProperty Services Training Package 3.0-4.0 
CHC - Community ServicesCommunity Services 2.0-3.0 
BSB - Business Services Training PackageBusiness Services Training Package 1.0-2.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
TLI60115 - Advanced Diploma of Materiel LogisticsAdvanced Diploma of Materiel Logistics 
TLI50716 - Diploma of Bus and Coach OperationsDiploma of Bus and Coach Operations 
TLI50415 - Diploma of LogisticsDiploma of Logistics 1-2 
SIT60316 - Advanced Diploma of Hospitality ManagementAdvanced Diploma of Hospitality Management 
SIT60216 - Advanced Diploma of Event ManagementAdvanced Diploma of Event Management 
SIT60116 - Advanced Diploma of Travel and Tourism ManagementAdvanced Diploma of Travel and Tourism Management 
SIT50416 - Diploma of Hospitality ManagementDiploma of Hospitality Management 
SIT50316 - Diploma of Event ManagementDiploma of Event Management 
SIT50216 - Diploma of Holiday Park and Resort ManagementDiploma of Holiday Park and Resort Management 
SIT50116 - Diploma of Travel and Tourism ManagementDiploma of Travel and Tourism Management 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes skills and knowledge required to manage risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting.

It applies to individuals who are working in positions of authority and are approved to implement change across the organisation, business unit, program or project area. They may or may not have responsibility for directly supervising others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Risk Management

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Establish risk context

1.1 Review organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards

1.2 Determine scope for risk management process

1.3 Identify internal and external stakeholders and their issues

1.4 Review political, economic, social, legal, technological and policy context

1.5 Review strengths and weaknesses of existing arrangements

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

1.7 Obtain support for risk management activities

1.8 Communicate with relevant parties about the risk management process and invite participation

2. Identify risks

2.1 Invite relevant parties to assist in the identification of risks

2.2 Research risks that may apply to scope

2.3 Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties

3. Analyse risks

3.1 Assess likelihood of risks occurring

3.2 Assess impact or consequence if risks occur

3.3 Evaluate and prioritise risks for treatment

4. Select and implement treatments

4.1 Determine and select most appropriate options for treating risks

4.2 Develop an action plan for implementing risk treatment

4.3 Communicate risk management processes to relevant parties

4.4 Ensure all documentation is in order and appropriately stored

4.5 Implement and monitor action plan

4.6 Evaluate risk management process

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance 

Criteria 

Description 

Reading

1.1, 1.4, 1.5, 2.2

  • Comprehends a variety of relatively complex texts
  • Gathers, interprets and analyses textual information from a range of sources to identify relevant information

Writing

1.6, 1.8, 2.1, 2.3, 4.3

  • Develops textual material and organises content in a manner that effectively documents risk management analysis and assessment priorities and processes

Oral Communication

1.8, 2.1, 2.3, 4.3

  • Participates in interactions with stakeholders using questioning and listening to elicit opinions, and to confirm and clarify understanding

Numeracy

2.2

  • Uses numerical tools to assess risk and uses numerical data to review plans

Navigate the world of work

1.1, 2.1, 4.3

  • Refers to organisational processes, procedures and requirements when making decisions about risk management

Interact with others

1.8, 2.1, 2.3, 4.3

  • Establishes and uses appropriate conventions and protocols when communicating with stakeholders about risk management
  • Consults and negotiates with stakeholders about risk management processes and outcomes

Get the work done

1.2, 1.3, 1.5, 1.7, 2.1, 2.2, 2.3, 3.1, 3.2, 3.3, 4.1, 4.2, 4.4, 4.5, 4.6

  • Sequences and schedules a range of routine and complex activities, monitors implementation, evaluates processes and manages relevant communication
  • Systematically analyses information to decide on appropriate risk management treatments
  • Uses digital technologies and systems to access information, document plans and communicate with others

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBRSK501 Manage risk

BSBRSK501B Manage risk

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion volumes available from the IBSA website: http://www.ibsa.org.au/companion_volumes - http://companion_volumes.vetnet.education.gov.au/Pages/TrainingPackage.aspx?pid=13

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • 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 relevant 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.

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

Knowledge Evidence

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

  • outline the purpose and key elements of current risk management standards
  • outline the legislative and regulatory context of the organisation in relation to risk management
  • outline organisational policies, procedures and processes for risk management.

Assessment Conditions

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

  • relevant legislation, regulations, standards and codes
  • relevant workplace documentation and resources
  • case studies and, where possible, real situations
  • interaction with others.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion volumes available from the IBSA website: http://www.ibsa.org.au/companion_volumes - http://companion_volumes.vetnet.education.gov.au/Pages/TrainingPackage.aspx?pid=13

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