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Unit of competency details

FNSRSK411 - Apply risk management strategies to own work (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes FNSRSK401 - Implement risk management strategies 30/Jun/2020

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


Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnUsage RecommendationRelease
FNS60822 - Advanced Diploma of Integrated Risk ManagementAdvanced Diploma of Integrated Risk ManagementCurrent1-2 
FNS40122 - Certificate IV in Credit ManagementCertificate IV in Credit ManagementCurrent
FNS51820 - Diploma of Financial ServicesDiploma of Financial ServicesSuperseded1-4 
FNS42020 - Certificate IV in Banking ServicesCertificate IV in Banking ServicesSuperseded
FNS51822 - Diploma of Financial ServicesDiploma of Financial ServicesCurrent
FNS40120 - Certificate IV in Credit ManagementCertificate IV in Credit ManagementSuperseded
FNS50922 - Diploma of Banking Services ManagementDiploma of Banking Services ManagementCurrent
FNS42022 - Certificate IV in Banking ServicesCertificate IV in Banking ServicesCurrent
FNS41420 - Certificate IV in General InsuranceCertificate IV in General InsuranceSuperseded1-3 
FNS41820 - Certificate IV in Financial ServicesCertificate IV in Financial ServicesCurrent1-2 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080399 Business And Management, N.e.c.  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080399 Business And Management, N.e.c.  13/Aug/2020 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

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

Application

This unit describes the skills and knowledge required to apply an organisation's risk management strategies to own work and use risk mitigation and elimination techniques and tools to manage risk. It includes reporting risk management or compliance breaches or concerns.

It applies to individuals who use specialised knowledge, follow organisational policy and strategies and use discretion within limits of own job role to manage risk.

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

Unit Sector

Risk management

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Identify and confirm risk management strategies

1.1 Research organisational, legislative and regulatory requirements and standards for risk management as indicated by regulators applicable to own job role

1.2 Access and interpret organisational strategy, policy and procedures for risk management

1.3 Clarify and confirm own risk management accountabilities and responsibility with key stakeholders as required

2. Apply risk management strategies

2.1 Determine appropriate organisational strategies and tools for controlling risks in own job role

2.2 Determine appropriate tools and strategies for controlling risk where own job role intersects with work of others

2.3 Choose and apply tools and strategies to own area of operation and responsibility

3. Report risk management breaches or concerns

3.1 Identify and record evidence of a breach or concern

3.2 Determine organisational procedure to follow in event of breach or concern

3.3 Report breach or concern as indicated by organisational procedure

3.4 Record notification of breach or concern according to organisational procedure

4. Review and propose improvements to risk management strategies

4.1 Establish regular processes to monitor, audit and review application of risk management strategies to own work practice

4.2 Identify opportunities for improvements in risk management strategies and recommend to appropriate stakeholders according to organisational procedure

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill 

Description 

Oral communication

  • Articulates clearly using vocabulary suitable to audience to convey or request information
  • Uses listening and questioning techniques to confirm understanding

Reading

  • Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements

Writing

  • Prepares documentation and correspondence using clear language, correct spelling and terminology

Teamwork

  • Selects and uses appropriate conventions and protocols when communicating with diverse stakeholders in a range of work contexts

Initiative and enterprise

  • Contributes to continuous improvement of current work practices by applying principles of analytical and lateral thinking

Planning and organising

  • Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes

Problem solving

  • Uses analytical thinking techniques to identify issues and generate possible solutions, seeking input from others when necessary

Self-management

  • Develops, maintains and applies knowledge of policies, procedures, legislation and regulations relevant to current role
  • Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSRSK401 Implement risk management strategies.

Links

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

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

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

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • implement at least three controls relevant to own area of operation and responsibilities to comply with organisational risk management strategies
  • report at least two risk management breaches or concerns of differing severity according to organisational policy and procedures.

In the course of the above, the candidate must:

  • establish processes to monitor, audit and review application of risk management strategies.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • key principles of risk management
  • the key features and purpose of key standards for risk management as indicated by regulators
  • methods for accessing and interpreting organisational strategy, policy and procedures
  • methods for identifying and treating organisational risks, and risks within the candidate’s own area of operation and responsibility
  • key risk management strategies, controls, treatments and practices relevant to own area of operation and responsibility
  • methods for identifying and applying controls for cross-organisation risk
  • methods for identifying, recording evidence and reporting risk management or compliance breaches or concerns
  • industry whistle-blower protections for challenging and reporting risk management or compliance breaches or concerns
  • techniques for auditing and reviewing risk strategy implementation
  • organisational tools, strategies, policy, and procedures relating to risk management and compliance
  • key financial services legislation and regulation required to produce the performance evidence.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • office equipment, technology, software and consumables
  • legislation, regulations and codes of practice required to produce the performance evidence
  • standards for risk management as indicated by regulators.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

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