Modification History
Not Applicable
Unit Descriptor
Unit descriptor |
This unit of competency specifies the outcomes required to develop, implement and evaluate a risk management system to ensure effective operations. It requires the ability to determine system requirements and identify and organise appropriate support processes to implement the system. The unit may form part of the licensing requirements for persons working in the property industry, including in the real estate, business broking, stock and station agency and property operations and development sectors, in those States and Territories where these are regulated activities. |
Application of the Unit
Application of the unit |
This unit of competency supports the work of those involved in developing, implementing and evaluating risk management systems in the property industry. |
Licensing/Regulatory Information
Refer to Unit Descriptor
Pre-Requisites
Prerequisite units |
Nil |
Employability Skills Information
Employability skills |
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the required performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge and/or the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
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1 Determine system requirements . |
1.1 Risk management context is determined and risk management strategies are promoted to relevant people according to organisational requirements . 1.2 Relevant documentation and legislative requirements are reviewed to identify critical requirements of risk management strategy. 1.3 Resource requirements to facilitate achievement of risk management goals and objectives are identified and arranged. 1.4 Roles and responsibilities for implementation of risk management activities are established according to risk management strategy. |
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2 Organise support processes . |
2.1 Consultative processes are used to determine individual professional development requirements according to organisational requirements. 2.2 Risk management processes requiring specialist support are identified and personnel or finance support is sought as required according to organisational requirements. 2.3 Systems to encourage communication flow and feedback are established and maintained to ensure an accurate exchange of information between relevant people. 2.4 Administrative processes are analysed to ensure outcomes are accurately reported and recorded according to organisational requirements. 2.5 Assessment criteria for measuring level of potential or existing risk and assessment of consequences are developed according to terms of reference . |
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3 Monitor and maintain system . |
3.1 Risk management system is systematically evaluated to maintain consistency and meet relevant legislative and organisational requirements. 3.2 Factors affecting achievement of risk management strategies are identified, and required variations negotiated and agreed with relevant people. 3.3 Information, costs and statistics relating to risk management system are collected and analysed according to organisational requirements. 3.4 Audits for compliance for treatment of risks are undertaken according to risk management system requirements. 3.5 Changes to operating environment, and risk or threat to assets are monitored on an ongoing basis and corrective measures are identified and implemented according to risk management plan. |
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4 Review and report on system . |
4.1 Risk management plan is reviewed against established criteria in consultation with relevant people to improve and modify future risk assessment practices. 4.2 Evaluation processes incorporate strategies for review, evaluation and comparison of risk management strategies and processes, according to risk management plan. |
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4.3 Feedback from relevant people regarding satisfaction with risk assessment practices is collected, analysed and included in evaluation process. 4.4 Business continuity plan covering all aspects of continuity cycle is developed and provided to relevant people for comprehensive analysis. 4.5 Findings of analysis are incorporated into business continuity plan according to organisational requirements. |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
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This section describes the essential skills and knowledge and their level, required for this unit. |
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Required skills :
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Required knowledge and understanding :
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Evidence Guide
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.
Overview of assessment |
This unit of competency could be assessed through practical demonstration of developing, implementing and evaluating a risk management system to ensure effective operations. Targeted written (including alternative formats where necessary) or verbal questioning to assess the candidate's underpinning knowledge would provide additional supporting evidence of competence. The demonstration and questioning would include collecting evidence of the candidate's knowledge and application of ethical standards and relevant federal, and state or territory legislation and regulations. This assessment may be carried out in a simulated or workplace environment. |
Critical aspects for assessment and evidence required to demonstrate competency in this unit |
A person who demonstrates competency in this unit must be able to provide evidence of:
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Context of and specific resources for assessment |
Resource implications for assessment include:
Where applicable, physical resources should include equipment modified for people with disabilities. Access must be provided to appropriate learning and/or assessment support when required. Assessment processes and techniques must be culturally appropriate, and appropriate to the language and literacy capacity of the candidate and the work being performed. Validity and sufficiency of evidence require that:
In all cases where practical assessment is used it will be combined with targeted questioning to assess the underpinning knowledge. Questioning will be undertaken in such a manner as is appropriate to the language and literacy levels of the candidate and any cultural issues that may affect responses to the questions, and will reflect the requirements of the competency and the work being performed. |
Range Statement
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.
Risk management context may relate to: |
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Relevant people may include: |
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Organisational requirements may be outlined and reflected in: |
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Documentation may relate to: |
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Legislative requirements may be outlined and reflected in: |
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Resource requirements may include: |
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Roles and responsibilities may be influenced by: |
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Professional development requirements may relate to: |
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Communication may include using channels such as: |
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Assessment criteria may be based on: |
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Potential or existing risk may include: |
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Terms of reference may relate to: |
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Factors affecting achievement of risk management strategies may relate to: |
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Analysed : |
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Audits may be: |
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Evaluation methods could be qualitative or quantitative and may include: |
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Feedback may include: |
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Business continuity plan may cover aspects such as: |
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Unit Sector(s)
Unit sector |
Property development, sales and management |
Competency field
Competency field |
Property operations and development |