Qualification details

Release 

Comments 

Release 2

This version released with FNS10 Financial Services Training Package version 5.0.

Update imported units:
BSBRSK501A to BSBRSK501B.

Qualification outcomes remain unchanged.

Release 1

This Qualification first released with FNS10 Financial Services Training Package version 2.0.

The name of this qualification has been changed from "financial risk management" to more accurately reflect the focus of the qualification. While it has a finance basis, it is intended to offer streams that cover finance, compliance, strategy and business continuity and, corporate governance.

In conjunction with this, units have been represented in groups which reflect these in option pathways.

FNSORG508A Analyse and comment on management reports has been moved to the elective pool.

BSBRSK501A Manage risk has been moved into the core.
The elective pool has been rationalised to remove units which lack coherence for the qualification, these may of course be accessed by candidates through the qualification flexibility rules.

• BSBINM601A Manage knowledge and information
• BSBINN502A Build and sustain an innovative work environment
• BSBPMG501A Manage application of project integrative processes
• BSBPMG510A Manage projects
• BSBREL701A Develop and cultivate collaborative partnerships and relationships
• FNSACC505A Establish and maintain accounting information systems
• FNSFMK503A Advise clients on financial risk
• FNSIBK509A Identify and advise on significant risk changes to broking client insurances
• FNSIBK510A Assess and negotiate complex risk portfolio for broker client at renewal
• FNSILF401A Contribute to the life risk underwriting process
• FNSILF501A Assess extraordinary risks
• FNSISV401A Evaluate risk for new business
• FNSISV402A Underwrite new business
• FNSISV403A Survey potential risk exposure
• FNSISV404A Underwrite renewal business
• FNSISV505A Determine risk rating for investment and insurance products
• FNSISV506A Investigate claims
• FNSORG501A Develop and manage a budget
• FNSORG503A develop a resource plan
• FNSORG506A Prepare financial forecasts and projections
• FNSORG507A Manage client service and business information.
  Replaces  FNS50810 Diploma of Financial Risk Management. 

Employability Skill 

Industry/enterprise requirements for this qualification include: 

Communication

• conducting research to collect and analyse information and presenting it in report form
• consulting with stakeholders on risk management policies and procedures
• developing and writing reports to specifications
• preparing and presenting correspondence in appropriate electronic format
• questioning, clarifying and evaluating information
• using effective telephone techniques and having the ability to negotiate solutions with clients and colleagues

Teamwork

• monitoring and working with staff to implement policies and procedures
• supervising work practices and adapting to change in technical and work practices
• supporting staff to implement systems and making referrals to external specialists as required

Problem solving

• aligning requirements of the system with the needs of users
• analysing and synthesising information and determining levels of risk
• collecting, analysing, comparing and contrasting data
• comparing risk exposure levels with industry and statutory obligations
• identifying and resolving inconsistencies
• performing cost benefit analyses, budgeting, assessing and managing risk
• providing strategies on how to address non-compliances
• solving problems in respect to risk and knowledge management systems
• testing strategic assumptions and applying different risk treatment strategies

Initiative and enterprise

• applying referral skills and implementing continuous improvement practices
• identifying and investigating risk as it relates to new business
• identifying improvements to work design and organisation
• reviewing processes to inform future activity

Planning and organising

• contributing to the planning process by researching and validating information
• monitoring policy against KPIs
• researching, developing, trialling, implementing, monitoring and reviewing policies and procedures and risk strategies

Self-management

• acting as a role model for others
• applying time management strategies to own work schedule
• planning own work schedule and monitoring and evaluating own work performance
• presenting a positive organisational image
• taking responsibility as required by work role and ensuring all organisational policies and procedures are followed
• understanding and acting upon compliance requirements
• working ethically and complying with all industry codes of practice and legislative requirements

Learning

• ensuring evidence of training undertaken to meet compliance requirements is maintained
• evaluating and reviewing risk assessment strategies
• facilitating internal training to ensure staff have the knowledge and skills to implement quality and compliance systems
• maintaining personal competency and identifying professional development opportunities

Technology

• conducting web searches and using corporate templates
• operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
• using business technology to access, organise and monitor information
• using research data devices and telecommunication devices and equipment