Qualification details

FNS60820 - Advanced Diploma of Integrated Risk Management (Release 1)


Usage recommendation:
Supersedes FNS60815 - Advanced Diploma of Integrated Risk Management 30/Jun/2020

Release Status:
ReleaseRelease date
1 1 (this release) 01/Jul/2020

Units of competency


SchemeCodeClassification value
ANZSCO Identifier 221214 Internal Auditor 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 
Qualification/Course Level of Education Identifier 411 Advanced Diploma 
Taxonomy - Industry Sector N/A Security and Risk Management,Financial Services 
Taxonomy - Occupation N/A Financial Risk Manager 

Classification history

SchemeCodeClassification valueStart dateEnd date
ANZSCO Identifier 221214 Internal Auditor 13/Aug/2020 
ASCED Qualification/Course Field of Education Identifier 0811 Banking, Finance And Related Fields 13/Aug/2020 
Qualification/Course Level of Education Identifier 411 Advanced Diploma 01/Jul/2020 
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Modification History



Release 1

This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification reflects the role of individuals who undertake specialist risk management roles in financial services organisations. These roles include cross-industry tasks and responsibilities relating to finance, compliance, corporate governance, strategy and business continuity.

Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, demonstrate customer advocacy, have business empathy, coordinate and evaluate their own work, challenge and facilitate risk conversations, demonstrate resilience and provide guidance to others.

Licensing/Regulatory Information

No licensing or certification requirements apply to this qualification at the time of publication. However, some units will specify relevant licensing, legislative and/or regulatory requirements that impact on the unit. Refer to the regulator for guidance on requirements.

Entry Requirements


Packaging Rules

Total number of units = 12

8 core units  plus

4 elective  units of which:

  • 2 must be selected from the electives listed below,
  • 2 units may be selected from the remaining listed electives or any currently endorsed training package qualification or accredited course at Diploma or above.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

BSBCOM602 Develop and create compliance requirements

BSBCOM603 Plan and establish compliance management systems

BSBRSK501 Manage risk

FNSORG512 Develop, implement and monitor policy and procedures

FNSRSK511 Undertake risk identification

FNSRSK512 Assess risks

FNSRSK611 Develop and implement risk mitigation plan

FNSRSK612 Determine and manage risk exposure strategies

Elective Units

Managing financial risk

BSBMGT517 Manage operational plan

FNSACC511 Provide financial and business performance information

FNSACC609* Evaluate financial risk

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSORG514 Monitor and supervise work practices to meet financial services regulatory requirements

FNSORG515 Prepare financial reports to meet statutory requirements

FNSORG602 Develop and manage financial systems

Corporate governance

FNSACC606 Conduct internal audit

FNSACC624 Monitor corporate governance activities

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSPRM601 Establish, supervise and monitor practice systems to conform with legislation and regulations

Business ethics and conduct

FNSINC503 Identify situations requiring complex ethical decision making

FNSINC504 Apply ethical frameworks and principles to make and act upon decisions

Managing compliance

BSBCOM401 Organise and monitor the operation of compliance management system

BSBCOM402 Implement processes for the management of a breach in compliance requirements

BSBCOM501 Identify and interpret compliance requirements

BSBCOM503 Develop processes for the management of breaches in compliance requirements

BSBINM401 Implement workplace information system

BSBINM501 Manage an information or knowledge management system

BSBLDR402 Lead effective workplace relationships

BSBPMG411 Apply project quality management techniques

BSBPMG415 Apply project risk management techniques

BSBRSK401 Identify risk and apply risk management processes

BSBSMB401 Establish legal and risk management requirements of small business

BSBWHS504 Manage WHS risks

BSBWHS603 Implement WHS risk management

FNSACC516 Implement and maintain internal control procedures

FNSORG508 Analyse and comment on management reports

FNSORG603 Establish and prepare operational guidelines in a financial services organisation

Strategic risk management and business continuity

BSBINN601 Lead and manage organisational change

BSBSUS501 Develop workplace policy and procedures for sustainability

BSBMGT605 Provide leadership across the organisation

BSBMGT615 Contribute to organisation development

BSBMGT616 Develop and implement strategic plans

BSBMGT617 Develop and implement a business plan

BSBPMG517 Manage project risk

BSBWHS520 Manage implementation of emergency procedures 

FNSORG601 Negotiate to achieve goals and manage disputes

*Note the following prerequisite unit requirements:

Unit in this qualification

Prerequisite unit

FNSACC609 Evaluate financial risk

FNSACC511 Provide financial and business performance information

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS60815 Advanced Diploma of Integrated Risk Management (Release 3).


Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe