Release 

Comments 

Release 2

This version released with BSB Business Services Training Package Version 2.0.

Version created to clarify intent of unit

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. Identify and implement business legal requirements

1.1 Identify and research possible options for the business legal structure using appropriate sources

1.2 Determine legislation and regulatory requirements affecting operations of the business under its chosen structure

1.3 Develop and implement procedures to ensure full compliance with relevant legislation and regulatory requirements

2. Comply with legislation, codes and regulatory requirements

2.1 Establish systems to ensure legal rights and responsibilities of the business are identified and the business is adequately protected, specifically in relation to work health and safety (WHS), business registration and environmental requirements

2.2 Identify taxation principles and requirements relevant to the business, and follow procedures to ensure compliance

2.3 Identify and carefully maintain legal documents and maintain and update relevant records to ensure their ongoing security and accessibility

2.4 Monitor provision of products and services of the business to protect legal rights and to comply with legal responsibilities

2.5 Conduct investigations to identify areas of non-compliance with legal and regulatory requirements, and take corrective action where necessary

3. Negotiate and arrange contracts

3.1 Seek legal advice on contractual rights and obligations, if required, to clarify business liabilities

3.2 Investigate and assess potential products and services to determine procurement rights and ensure protection of business interests where applicable

3.3 Negotiate and secure contractual procurement rights for goods and services including contracts with relevant people, as required, in accordance with the business plan

3.4 Identify options for leasing or ownership of business premises and complete contractual arrangements in accordance with the business plan

4. Identify and treat business risks

4.1 identify potential internal and external risks to the business

4.2 assess the probability and impact of identified risks

4.3 prioritise risks for treatment

4.4 develop actions to mitigate risks including identifying insurance requirements and adequate cover

Skill 

Performance 

Criteria 

Description 

Reading

1.1-1.3, 2.1-2.4, 3.2-3.5

• Identifies, analyses and evaluates a range of complex text to determine legislative, regulatory and related business requirements

Writing

1.3, 2.1, 2.3, 2.5, 3.1, 3.3, 3.5

• Prepares written reports and workplace documentation that communicate complex information clearly and effectively

Oral Communication

2.5, 3.1, 3.3

• Uses specific and relevant language to clearly articulate legal issues, and uses questioning and listening techniques to clarify solutions
• Participates in verbal negotiations using tone and language suitable to audience

Numeracy

2.2, 2.5, 3.3, 3.4

• Reviews, analyses, compares and contrasts numerical data which may be embedded in documents
• Calculates business insurance costs and compares costing options

Navigate the world of work

1.2, 1.3, 2.1

• Monitors adherence to organisational policies and legislative responsibilities and considers own role in terms of its contribution to broader goals of work environment

Interact with others

3.1, 3.3

• Plays a lead role in situations requiring effective collaboration, demonstrating high-level influencing skills, focusing and shaping awareness, and engaging and motivating others

Get the work done

1.1-1.3, 2.1

• Takes responsibility for planning and organising own workload, identifying ways of sequencing and combining elements for greater efficiency
• Implements actions as per plan, making adjustments if necessary and addressing unexpected issues
• Understands importance of secure information and privacy in relation to own work and takes personal responsibility for identifying and managing risk factors
• Makes a range of critical and non-critical decisions in complex situations, taking a range of constraints into account

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBSMB401 Establish legal and risk management requirements of small business Release 2

BSBSMB401 Establish legal and risk management requirements of small business Release 1

Minor edits to clarify intent of unit

Equivalent unit

Release 

Comments 

Release 2

This version released with BSB Business Services Training Package Version 2.0.

Version created to clarify intent of unit

Release 1

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