Release 

Comments 

Release 1

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

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

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

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

Release 

Comments 

Release 1

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