Mapping	Notes	Date
Is superseded by and equivalent to PSPGEN135 - Manage risk	Equivalent. Unit Code changed. Minor changes to Application, FS added. PE and KE amended for clarity and to remove duplication. AC expanded for clarification.	02/Apr/2022
Supersedes and is equivalent to PSPMNGT608B - Manage risk	Unit code updated. Content and formatting updated to comply with the new standards. All PC transitioned from passive to active voice. Assessment Requirements created drawing upon specified assessment information from superseded unit.	06/Mar/2016

Release	Release date
1 1 (this release)	07/Mar/2016

CodeSort Table listing Training packages that include this unit by the Code column	TitleSort Table listing Training packages that include this unit by the Title column	Release
TLI - Transport and Logistics Training Package	Transport and Logistics Training Package	6.0-13.0
PSP - Public Sector Training Package	Public Sector Training Package	1.0-4.0

CodeSort Table listing Qualifications that include this unit by the Code column	TitleSort Table listing Qualifications that include this unit by the Title column	Usage Recommendation	Release
PSP50116 - Diploma of Government	Diploma of Government	Superseded	1
PSP60616 - Advanced Diploma of Procurement and Contracting	Advanced Diploma of Procurement and Contracting	Current	1
TLI60119 - Advanced Diploma of Deployment Logistics	Advanced Diploma of Deployment Logistics	Superseded	1
PSP60116 - Advanced Diploma of Government (Workplace inspection/ Investigations/Fraud control)	Advanced Diploma of Government (Workplace inspection/ Investigations/Fraud control)	Superseded	1
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CodeSort Table listing Skill sets that include this unit by the Code column	TitleSort Table listing Skill sets that include this unit by the Title column	Usage Recommendation	Release
PSPSS00044 - Public Sector Executive Manager	Public Sector Executive Manager	Superseded	1
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CodeSort Table listing Accredited courses that have this unit in the completion mapping by the Code column	TitleSort Table listing Accredited courses that have this unit in the completion mapping by the Title column	Status
10980NAT - Graduate Certificate in Compliance and Risk Management	Graduate Certificate in Compliance and Risk Management	Current
10711NAT - Advanced Diploma of Governance, Risk and Compliance	Advanced Diploma of Governance, Risk and Compliance	Non-Current
10184NAT - Graduate Certificate in Compliance and Risk Management	Graduate Certificate in Compliance and Risk Management	Non-Current
10617NAT - Advanced Diploma of Policing	Advanced Diploma of Policing	Non-Current
11000NAT - Advanced Diploma of Policing	Advanced Diploma of Policing	Current

Scheme	Code	Classification value
ASCED Module/Unit of Competency Field of Education Identifier	080399	Business And Management, N.e.c.

Scheme	Code	Classification value	Start date	End date
ASCED Module/Unit of Competency Field of Education Identifier	080399	Business And Management, N.e.c.	09/Aug/2016

Unit of competency

Modification History

Release

Comments

This unit was released in PSP Public Sector Training Package release 1.0 and meets the Standards for Training Packages.

This unit supersedes and is equivalent to PSPMNGT608B Manage risk.

Unit code updated
Content and formatting updated to comply with new standards
All PC transitioned from passive to active voice

Application

This unit describes the skills required to maximise results and minimise consequences for a business unit activity by managing risk. It includes establishing the risk management context, planning for risk management.

This unit applies to those managing risks.

The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to.

Those undertaking this unit would work autonomously, performing complex task in a range of familiar contexts.

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

Competency Field

Management

Elements and Performance Criteria

ELEMENTS	PERFORMANCE CRITERIA
Elements describe the essential outcomes	Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions section.
1. Establish the risk management context	1.1 Establish the nature and extent of business unit activity, its objectives and outcomes within the organisational context. 1.2 Identify the strategic and risk management context. 1.3 Identify and consult stakeholders to ensure their views, concerns and needs are taken into account in the risk management process. 1.4 Determine criteria for risk assessment. 1.5 Determine risk management criteria to provide guidance on balancing risk, costs, benefits and opportunities. 1.6 Monitor, review and adjust risk management criteria to ensure opportunities and current and emerging trends are reflected.
2. Plan for risk management	2.1 Investigate sources of risk and identify and consult upon potential, perceived and actual risks to ensure full coverage. 2.2 Analyse risks and document in consultation with stakeholders, and determine levels of risk as the basis for risk management planning. 2.3 Select risk management methods and modify as necessary to determine risks that are acceptable or unacceptable. 2.4 Identify risk treatment options for unacceptable risks and determine preferred risk treatment approaches. 2.5 Develop and communicate risk management plan to key stakeholders to ensure clarity and achievement of objectives throughout the activity’s life cycle.
3. Manage risk	3.1 Manage activity in accordance with agreed risk management plan. 3.2 Review performance, analyse variance and initiate risk responses to achieve objectives with minimal disruption and conflict. 3.3 Monitor internal and external risks to outcomes and initiate remedial actions to achieve objectives.
4. Evaluate the risk management plan	4.1 Develop and implement an evaluation methodology. 4.2 Review and analyse outcomes to assess the effectiveness of current risk management strategies. 4.3 Monitor existing risks, identify new risks and identify any trouble spots. 4.4 Seek and use a variety of information, including the perspectives of key stakeholders. 4.5 Formulate and act upon recommendations on enhancements to the plan. 4.6 Communicate the outcomes of evaluation to relevant personnel.

Foundation Skills

Foundation skills are embedded within the elements and performance criteria of this unit.

Unit Mapping Information

This unit supersedes and is equivalent to PSPMNGT608B Manage risk.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=bebbece7-ff48-4d2c-8876-405679019623

Assessment requirements

Modification History

Release

Comments

These Assessment Requirements were released in PSP Public Sector Training Package release 1.0 and meet the Standards for Training Packages.

Assessment Requirements created drawing upon specified assessment information from superseded unit

Performance Evidence

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the candidate must demonstrate evidence of performance of the following on at least one occasion.

applying legislation, regulations and policies relating to risk management
researching and analysing the wider context affecting the organisation
using communication and consultation with a diverse range of stakeholders
applying problem solving using conceptual and reasoning skills
engaging in discussion using exchange of complex oral information
using a variety of words and language structures to explain complex, formal documents and assisting others to apply them in the workplace

Knowledge Evidence

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the depth of knowledge demonstrated must be appropriate to the job context of the candidate.

legislation, regulations, policies, procedures and guidelines relating to risk management
Australian and New Zealand standards
Guidelines for managing risk in the Australian and New Zealand public sector
risk management cycle
the relationship of risk to context – how the context may define the risks
the importance of consultation and communication at every stage of the risk management cycle
legal requirements related to the activity
whole-of-life considerations
approval processes
range of evaluation methodologies
the diversity of risks in the public sector
public sector legislation, including work health and safety and environment in the context of risk management

Assessment Conditions

This unit contains no specific industry-mandated assessment conditions. Guidance on suggested and recommended conditions and methods can be found in the Implementation Guide.

Assessors must satisfy the NVR/AQTF mandatory competency requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=bebbece7-ff48-4d2c-8876-405679019623

Unit of competency details

PSPMGT007 - Manage risk (Release 1)

Summary

Training packages that include this unit

Qualifications that include this unit

Skill sets that include this unit

Accredited courses that have this unit in the completion mapping

Classifications

Classification history

Content

Unit of competency

Modification History

Application

Competency Field

Elements and Performance Criteria

Foundation Skills

Unit Mapping Information

Links

Assessment requirements

Modification History

Performance Evidence

Knowledge Evidence

Assessment Conditions

Links

Reports

Resources

More

Using training.gov.au

Acknowledgement of Country