Release 

Comments 

Release 1

This version first released with FNS Financial 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. Communicate with relevant internal and external stakeholders at each stage

1.1 Identify stakeholders and provide information pertinent to financial and legislative risk identification

1.2 Seek out and record views of stakeholders

1.3 Explain use of Australian Risk Management Standards in risk identification and risk control

2. Identify and describe risk

2.1 Define organisational environment and boundaries of review in consultation with stakeholders

2.2 Identify risk cluster elements and describe risks clearly to stakeholders

2.3 Obtain information on risks as identified by stakeholders

3. Identify and assess controls

3.1 Identify existing controls and evaluate their effectiveness

3.2 Establish need for additional or improved controls

3.3 Recommend amendments to existing controls and report need for new controls if required

Skill 

Performance Criteria 

Description 

Reading

1.1, 2.2, 3.1

• Analyses and consolidates information and data from a range of sources against defined criteria and requirements

Writing

1.1, 1.2, 2.1, 2.2, 3.3

• Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to the audience and purpose

Oral Communication

1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 3.3

• Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of internal and external personnel
• Clearly explains detailed information using concepts, language, tone and pace appropriate to the audience

Navigate the world of work

1.3, 2.1, 3.1, 3.2, 3.3

• Reviews, modifies or develops organisational policy and procedures to comply with legislative requirements and organisational goals

Interact with others

1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 3.3

• Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
• Collaborates with others, sharing information to build strong work groups and avoid behaviours that are not conducive to a productive environment

Get the work done

1.1, 1.2, 2.1, 2.2, 3.1-3.3

• Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
• Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions
• Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation, and formal analytical thinking
• Uses formal analytical thinking techniques to identify issues and generate possible solutions, seeking input from others as required
• Uses digital systems and technologies to enter, store or access information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSRSK501 Undertake risk identification

FNSRSK501A Undertake risk identification

Updated to meet Standards for Training Packages.

Rewritten and reordered performance criteria to clarify intent of unit.

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.