Unit of competency details

BSBPMG517 - Manage project risk (Release 1)


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

Usage recommendation:
Supersedes and is equivalent to BSBPMG517A - Manage project 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
RII - Resources and Infrastructure Industry Training PackageResources and Infrastructure Industry Training Package 2.0 
MSS - SustainabilitySustainability 2.0 
ICT - Information and Communications TechnologyInformation and Communications Technology 1.0-3.1 
FNS - Financial Services Training PackageFinancial Services Training Package 1.0-3.1 
DEF - Defence Training PackageDefence Training Package 2.0-2.1 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 3.0 
BSB - Business Services Training PackageBusiness Services Training Package 1.0-3.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
RII50515 - Diploma of Civil Construction DesignDiploma of Civil Construction Design 
RII50415 - Diploma of Civil Construction ManagementDiploma of Civil Construction Management 
MSS50118 - Diploma of Sustainable OperationsDiploma of Sustainable Operations 
ICT60215 - Advanced Diploma of Network SecurityAdvanced Diploma of Network Security 1-2 
FNS60815 - Advanced Diploma of Integrated Risk ManagementAdvanced Diploma of Integrated Risk Management 1-3 
FNS51815 - Diploma of Financial ServicesDiploma of Financial Services 1-4 
FNS50815 - Diploma of Integrated Risk ManagementDiploma of Integrated Risk Management 1-3 
DEF50117 - Diploma of Test and EvaluationDiploma of Test and Evaluation 
CUA60213 - Advanced Diploma of Live Production and Management ServicesAdvanced Diploma of Live Production and Management Services 2-3 
CUA51015 - Diploma of Screen and MediaDiploma of Screen and Media 
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SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080315 Project Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080315 Project Management  30/Jul/2015 
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Unit Of competency

Modification History



Release 1

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


This unit describes the skills and knowledge required to manage risks that may impact achievement of project objectives. It involves identifying, analysing, treating and monitoring project risks, and assessing risk management outcomes.

It applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant.

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

Unit Sector

Management and Leadership – Project Management

Elements and Performance Criteria



Elements describe the essential outcomes.

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

1. Identify project risks

1.1 Determine risk objectives and standards, with input from stakeholders

1.2 Establish project risk context to inform risk management processes

1.3 Identify project risks using valid and reliable risk identification methods

1.4. Classify project risks within agreed risk categories

2. Analyse project risks

2.1 Determine risk analysis classification criteria and apply to agreed risk ranking system

2.2 Use risk analysis processes, within delegated authority, to analyse and qualify risks, threats and opportunities

2.3 Determine risk priorities in agreement with project client and other stakeholders

2.4 Document risk analysis outcomes for inclusion in risk register and risk management plan

3. Establish risk treatments and controls

3.1 Identify and document existing risk controls

3.2 Consider and determine risk treatment options using agreed consultative methods

3.3 Record and implement agreed risk treatments

3.4 Update risk plans and allocate risk responsibilities to project team members

4. Monitor and control project risks

4.1 Establish regular risk review processes to maintain currency of risk plans

4.2 Regularly monitor risk environment to identify changed circumstances impacting project risks

4.3 Determine risk responses to changed environment

4.4 Implement agreed risk responses and modify plans to maintain currency of risk treatments and controls

5. Assess risk management outcomes

5.1 Review project outcomes to determine effectiveness of risk-management processes and procedures

5.2 Identify and document risk management issues and recommended improvements for application to future projects

Foundation Skills

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


Performance Criteria 



1.1-1.4, 2.1, 2.2, 3.1, 3.2, 4.2, 5.1, 5.2

  • Interprets and critically analyses complex texts from a range of sources and determines how content may be applied according to organisational requirements


1.3, 1.4, 2.1, 2.4, 3.1, 3.3, 3.4, 4.1, 4.3, 4.4, 5.2

  • Documents risks, risk analysis and risk controls using required formats and structure
  • Modifies and updates workplace documentation according to requirements

Oral Communication

1.1, 2.3, 3.4

  • Participates in verbal exchanges using clear language to provide and seek information
  • Uses active listening and questioning techniques to confirm understanding


1.3, 2.1, 2.3

  • Analyses numerical data to identify project risk levels and rank risks according to agreed system of classification

Navigate the world of work

1.1, 2.2

  • Determines and adheres to organisational policies and standards
  • Considers own role in terms of its contribution to broader goals of work environment

Interact with others

1.1, 2.3, 3.4

  • Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information
  • Actively identifies requirements of important communication exchanges, selecting appropriate channels, format and content to suit purpose and audience

Get the work done

1.1-1.4, 2.1, 3.2, 4.1, 4.4, 5.1

  • Identifies and develops approaches to risk management and implements complex tasks to achieve outcomes
  • Analyses information to make decisions, involving others when appropriate
  • Uses formal and informal processes to monitor implementation of decisions and reflect on outcomes

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 


Equivalence status 

BSBPMG517 Manage project risk

BSBPMG517A Manage project risk

Updated to meet Standards for Training Packages

Equivalent unit


Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10


Assessment requirements

Modification History



Release 1

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

Performance Evidence

Evidence of the ability to:

  • conduct effective risk management for a project of sufficient complexity to demonstrate the full range of performance requirements
  • apply risk management techniques, strategies and tools.

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:

  • identify project risks in a range of risk categories
  • explain key components of a risk management plan
  • outline industry sector risk classifications and relate these to different risk contexts
  • summarise organisational and industry standard risk frameworks
  • identify and describe characteristics, techniques and appropriate applications of quantitative and qualitative risk management techniques and approaches.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the management and leadership – project management field of work and include access to:

  • workplace risk management documentation
  • feedback from project stakeholders about how risks were managed.

Assessors must satisfy NVR/AQTF assessor requirements.


Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

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